BUSINESS: Newsweek, Daily Beast Will Merge: Report!

It looks like the rumored marriage between Newsweek and the Daily Beast website is a go after all. The New York Observer says the two will announce a 50-50 merger tomorrow morning. Beast editor Tina Brown will run both staffs with "strong editorial independence," writes Nick Summers, citing an anonymous source. The head honchos—Sidney Harman, who bought Newsweek for all of a buck over the summer, and Barry Diller, chief of Beast owner IAC—are said to be working out final details tonight.

First on the Agenda? Fire Ramin Setoodeh from Newsweek!