MUMBAI: Newsweek magazine and news website the Daily Beast are set to merge, a move aimed at turning around both the ailing organisations.

The 50:50 joint venture, Newsweek Daily Beast Co, will have Tina Brown as the editor-in-chief. Brown co-founded Daily Beast. Sidney Barman, the stereo-equipment tycoon who recently bought out Newsweek, will be the executive chairman of the joint venture. Barry Diller, chairman and CEO of Daily Beast owner IAC/InterActive Corp, will be in the board.  
     
  Incidentally, Brown has led brands like Vanity Fair and The New Yorker and has to now tackle the unpleasant task of turning bleeding entities into a profitable organisation.

After the merger, Newsweek.com will be discontinued and the URL will be redirected to TheDailyBeast.com.