Last night the New York Observer’s Media Mob broke the news that Newsweek and the Daily Beast will merge.

According to the report, the editorial staffs of the two titles will combine in a 50-50 merger of the two companies.

Full story on the New York Observer at this link…

The Daily Beast’s editor-in-chief Tina Brown confirmed the deal in a statement on the site late last night:

It’s a wonderful new opportunity for all the brilliant editors and writers at the Daily Beast who have worked so hard to create the site’s success. Working at the warp-speed of a 24/7 news operation, we now add the versatility of being able to develop ideas and investigations that require a different narrative pace suited to the medium of print. And for Newsweek, the Daily Beast is a thriving frontline of breaking news and commentary that will raise the profile of the magazine’s bylines and quicken the pace of a great magazine’s revival.