As explained by Tina Brown of The Daily Beast:
What does this exciting new media marriage mean? It means that The Daily Beast’s animal high spirits will now be teamed with a legendary, weekly print magazine in a joint venture, named The Newsweek Daily Beast Company, owned equally by Barry Diller’s IAC and Sidney Harman, owner (and savior) of Newsweek. As for me, I shall now be in the editor-in-chief’s chair at both The Daily Beast and Newsweek, bringing with us as CEO my Daily Beast business partner Stephen Colvin, who launched The Week Magazine in the U.S., as well as Maxim, as president of Dennis Publishing. His dynamism has created 66 new ad campaigns for us since I persuaded him to join The Daily Beast a year ago.It's obvious what Newsweek gets out of this: Life for a dying has-been. But what does The Daily Beast get? A claim to news credibility, among those for whom Newsweek still means something.
Long live the "animal high spirits" of a left-oriented news organization which will try to shape the national politics under the guise of news, with a smattering of "conservatives" thrown in for cover.
One final question. Does Meghan McCain get a promotion?
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