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.
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