NewsBeast
| Company type | Joint venture |
|---|---|
| Industry | Newspapers |
| Genre | media |
| Founded | November 2010 |
| Defunct | November 2013 |
Key people | Baba Shetty, CEO |
| Products | Newsweek, The Daily Beast (until 2013) |
NewsBeast was a U.S.-based media enterprise that controlled the publications Newsweek and The Daily Beast. Established in 2010 through the consolidation of these two outlets, ownership was equally shared between IAC/InterActiveCorp and the estate of Sidney Harman, with Stephen Colvin serving as CEO. In August 2013, ownership of Newsweek transferred to IBT Media, while The Daily Beast continued under The Newsweek Daily Beast Company, a subsidiary affiliated with IAC.
History
The magazine Newsweek originated in 1933, initiated by American investors such as Ward Cheney, John Hay Whitney, and Paul Mellon. Meanwhile, The Daily Beast was created in 2008 by Tina Brown, who had previously held editorial roles at Vanity Fair and The New Yorker.
In 1961, The Washington Post Company obtained a majority interest in Newsweek. Confronted with financial challenges due to growing online competition, the publication was sold in 2010 to Harman Media, controlled by Sidney Harman.
Merger
In November 2010, the two entities, Newsweek and The Daily Beast, united under a joint venture called The Newsweek Daily Beast Company, with equal stakes held by IAC and Sidney Harman. Harman characterized the union as a fusion of "established journalism authority and bright, bristling website savvy." As part of the strategy, Newsweek.com traffic was intended to be redirected to The Daily Beast, despite Newsweek’s greater visitor numbers.
Tina Brown, co-founder of The Daily Beast, assumed the role of editor-in-chief for both titles.
The merger was met with skepticism. Mark Edmiston, former president of Newsweek, questioned the financial wisdom of merging two unprofitable entities and doubted its attractiveness to advertisers because of differing audience profiles.
Employees at Newsweek expressed mixed feelings, resisting the plan to redirect Newsweek.com after dedicating substantial effort to developing the site. The announcement generated surprise and concerns regarding job stability.
By 2012, Newsweek discontinued its print publication and shifted exclusively to digital distribution under the name Newsweek Global, focusing on e-readers and tablet platforms.
On February 1, 2013, the company adopted the name NewsBeast.
Subsequently, on August 3, 2013, IBT Media purchased Newsweek from IAC. This transaction included the brand and digital edition of Newsweek but did not encompass ownership of The Daily Beast.
Company holdings
The firm’s portfolio comprised two major media properties: Newsweek, a well-established news magazine, and The Daily Beast, a prominent online news platform.