By Kevin McCauley
Barry Diller’s IAC/InterActiveCorp has taken control of Newsweek Daily Beast as the family of his former partner Sidney Harman has stopped investing in the venture, according to Reuters.
Jane Harman, the former Congresswoman from California and wife of the deceased stereo magnate, will remain on the media company’s board of directors.
Harman acquired Newsweek from the Washington Post Co. in 2010 for $1 plus assumption of more than $50M in liabilities.
The then 91-year-old founder of Harman International merged with Diller’s Daily Beast in 2010 with the idea of cross-selling advertising and subscriptions.
Newsweek, according to Publishers Information Bureau, showed a 13.3 percent rise in ad revenue to $67M through June. Its circulation of 1.5M is down from its 4 million-plus all-time high.
The Daily Beast’s six-month traffic is up 73 percent to 11.4M compared to last year.
Tina Brown oversees editorial of Newsweek Daily Beast. |