Sidney Harman, Barry Diller's companies reach deal

Tina Brown will once again edit a weekly magazine.

The former Vanity Fair and New Yorker honcho takes the editor’s reins at the newly merged operations of her Daily Beast website and Newsweek, after both companies announced a merger Friday.

The Newsweek Daily Beast Co. is a 50-50 venture between Barry Diller’s IAC and the newsmagazine, owned since this summer by audio magnate Sidney Harman. Harman, the exec chairman of the joint venture, and Diller will serve as directors.

Brown, a founding partner and editor-in-chief of the Daily Beast, will be editor-in-chief of both Newsweek magazine and the Daily Beast. The president of the Daily Beast, Stephen Colvin, will serve as the new combined company’s CEO.

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