IAC/InterActive (IACI) Said to Take Full Control of Newsweek Daily Beast

July 23, 2012 3:36 PM EDT
IAC/InterActive (Nasdaq: IACI) is said to have taken control over Newsweek Dail Beast Co., which it was in a joint venture with Sidney Harman, the late founder of Harmon/Kardon.

The move comes as Harmon's family has decided to cap further investment in the joint venture, meaning IAC/InterActive's 50 percent stake is now the controlling interest via consolidation of the Newsweek Daily Beast.

Though Newsweek Daily Beast is a popular political/opinion website which never capitalized on ad sales. Reuters data has the site losing about $10 million annually. It was founded in October 2008.

IAC/InterActive shares are down 0.7 percent into the close Monday.

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