The Daily Beast says it has reached a deal to join with Newsweek.
In a posting on its website Thursday, The Daily Beast's editor-in-chief Tina Brown says the two outlets will partner to create The Newsweek Daily Beast Company.
Brown says she will be editor-in-chief at both The Daily Beast and Newsweek. She says the deal will enable the Daily Beast to develop stories more suited to print and will increase the profile of the news weekly's breaking news coverage and commentary.
Brown says the deal took place Tuesday evening "with a coffee-mug toast between all parties."
The Daily Beast, an online news site, was launched in 2008. Newsweek began in 1933.