Newsweek, The Daily Beast Discuss Potential Merger

Newsweek magazine and news website The Daily Beast are in talks about a possible merger, according to The Wall Street Journal.

The two news outlets are considering a structure whereby Tina Brown, co-founder and co-owner of The Daily Beast, would become editor of Newsweek while maintaining her current editorial duties at The Daily Beast, The Wall Street Journal said without naming its sources.

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The Daily Beast publishes a mixture of original and third-party content.

Brown would have two bosses under the proposed arrangement: Sidney Harman, who recently bought Newsweek, and Barry Diller, CEO of Daily Beast owner IAC/InterActive Corp.

Newsweek is set to lose at least $20 million this year and has already lost some of its best-known writers. The Daily Beast, which averages 4.6 million visitors a month, could provide an infusion of editorial talent.

The Daily Beast is set to lose about $10 million this year, though executives expect it to turn a profit in two years' time.

No deal has been agreed regarding the merger.