Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

IAC Takes Controlling Stake in Newsweek/Daily Beast Venture

July 23 (Bloomberg) -- IAC/InterActiveCorp acquired a controlling stake in the Newsweek/Daily Beast Co., a media company formed last year from the merger of an online startup and Newsweek magazine.

“We’ve acquired a controlling interest and it’s not material to our earnings,” said Justine Sacco, a spokeswoman for New York-based IAC.

IAC formerly owned half of the company, with the other half owned by the trust of billionaire Sidney Harman, who died in April 2011. Due to his death, that trust has stopped making capital contributions to the venture, Sacco said.

IAC, which runs Internet companies ranging from Match.com to Dictionary.com, is continuing to invest in the venture, diluting Harman’s stake. Reuters previously reported on the change in control.

To contact the reporter on this story: Sarah Frier in New York at sfrier1@bloomberg.net

To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.