Newsweek/Daily Beast chief editor says 'joint venture isn't making money yet'

   Mar 22, 4:47 pm

Washington, Mar 22 (ANI): Merging American weekly magazine 'Newsweek' and news reporting and opinion website 'The Daily Beast' isn't making money yet, and is not likely to make profits for another couple of years, the editor in chief of the joint venture has said.

Tina Brown, who led the merger of two media firms, however, pushed back hard against reports suggesting the Newsweek/Daily Beast Company suffered 30 million dollars in losses last year.

During a recent interview with 'Nightline', Brown called such reports "excessive," but admitted the company won't make money for few years.

"We are certainly not losing that amount, but we aren't making money yet and we won't make money for another couple of years," ABC News quoted Brown, as saying.

"But we will as long as we can build the brand back up again," Brown added.

Newsweek was losing tens of millions of dollars annually when investor Sidney Harman stepped and bought it from the Washington Post in August 2010.

A few months later Harman talked with Brown and her business partner at The Daily Beast, Barry Diller, about forming a single entity.

Over the past year, Brown, who is widely seen as one of the best editors of her generation, has repeatedly said this is a rebuilding time for Newsweek and that it will take a while it to redefine the brand's image and reposition it in the marketplace.

According to the report, she admitted that this past year has been "very difficult" because it "was all about just stopping the thing from crashing into the floor." (ANI)

Norway's Statkraft forms solar power partnership with India's BLP Dec 1, 1:48 pm
New Delhi, Dec.1 (ANI): Two leading renewable energy companies, one from Norway and the other from India, have agreed to combine forces to provide improved solar power solutions in India.
Full Story
Rise in growth rate reflects Govt.'s efforts, says Sitharaman Dec 1, 12:39 pm
New Delhi, Dec.1 (ANI): Union Minister of State for Commerce and Industry Nirmala Sitharaman on Tuesday attributed the rise in the growth rate to 7.4 percent to the measures taken by the Centre over the last several months.
Full Story
Single-window setup for speedy approvals of economic zones: ASSOCHAM plea to govt. Dec 1, 12:39 pm
New Delhi, Dec 1 (ANI): To arrest the exodus of investors from the SEZ scheme entirely benefitting the SEZs/FTZs/EZs in countries such as China, UAE, Malaysia, Thailand, Vietnam, the industry body ASSOCHAM has advocated for single window clearance mechanism, ease of doing business and fiscal incentives both direct and indirect.
Full Story
Second quarter GDP numbers show path of recovery: FICCI Dec 1, 11:58 am
New Delhi, Dec 1 (ANI): Commenting on the second quarter GDP numbers, Dr. A Didar Singh, Secretary General, FICCI said that the there has been an uptick in the GDP numbers and the economy is steadily moving on the recovery path, which is an encouraging sign.
Full Story