According to Russell Adams at wsj.com, the two parties have been discussing a deal that would make Daily Beast co-founder and co-owner Tina Brown the editor of Newsweek on top of her existing editorial duties at the website. In recent weeks, talks have centered around the specific roles of Ms. Brown, new Newsweek owner Sidney Harman and Barry Diller, chairman and chief executive of Daily Beast owner IAC/InterActive Corp.
Talks were hung up on the issue of how control would be divided among the three people, all of whom are heavily invested financially and emotionally in their respective news operations and not inclined to cede control, according to people familiar with the matter. Mr. Harman, a stereo-equipment magnate, recently acquired Newsweek from Washington Post Co.
"The engagement was fun but the pre-nup got too complex," Ms. Brown said in a memo to her staff. "We wish Newsweek all the best."
The people familiar with the matter said talks broke down over the weekend because the two parties couldn't come to an agreement on governance and editorial control.
Harman acquired the struggling Newsweek this summer for $1 plus liabilities.
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