Old Media, Meet New Media

It looks like we might see an announcement as early as tomorrow morning that Tina Brown will be heading up the newly merged Daily Beast/Newsweek.

Newsweek and The Daily Beast will announce tomorrow morning that the two publications will merge, a source close to the deal tells The Observer.

It will be a 50-50 merger of the two companies. The editorial staffs will combine under the editorship of Tina Brown, who will again run a high-profile glossy.

Newsweek owner Sidney Harman, 92, and IAC chairman Barry Diller had for weeks disagreed over an operating structure for the hybrid publication. The deal reached today establishes a daily role for Mr. Harman and strong editorial independence for Ms. Brown.

An update on the Observer website has backed the confidence of the original post down a notch but it still looks highly likely. Being a longtime Newsweek subscriber I can only hope that this will keep the storied publication alive.

h/t to Business Insider.