Newsweek, Daily Beast talks break down

NEW YORK (BestGrowthStock) – Discussions about a partnership between 73-year-old Newsweek magazine and the splashy website Daily Beast, run by Tina Brown, have fallen apart.

“The engagement was fun but the pre-nup got too complex,” Brown wrote at the Daily Beast on Monday. The website is owned by IAC/InterActiveCorp (IACI.O: ).

Brown, the former editor of the New Yorker and Talk magazines, has been flirting with overseeing a combined operation involving two other big personalities — stereo magnate and new Newsweek owner Sidney Harman and IAC’s Barry Diller.

Diller and Harman acknowledged in a joint statement they had been exploring the possibility of a merger but mutually decided to walk away.

“Each wishes the other well,” said the statement.

Newsweek has been without an editor since Harman bought the magazine from The Washington Post Co (WPO.N: ) for a token cash price of $1 in a deal that closed in September.

Harman promised to keep most of the magazine’s 350 employees and give it a couple of years to reverse several millions in losses.

Since Harman took over, several staffers have departed including Editor Jonathan Meacham.

(Reporting by Jennifer Saba; Editing by Richard Chang)

Newsweek, Daily Beast talks break down