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

July 23, 2012 3:36 PM EDT Send to a Friend
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.


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Insiders' Blog, Mergers and Acquisitions

Add Your Comment