According to the deal, both companies will merge to form 'Newsweek Daily Beast Company,' where management reports into an independent board.
Also, Brown, Daily Beast's co-founder and a former editor of the New Yorker will be editor-in-chief and Harman, who bought Newsweek in Aug 2010 for $1 from The Washington Post Co, will work as executive chairman of the new venture.
"Some weddings take longer than others," said Brown while announcing the deal in a Daily Beast blog post.
Earlier in Oct 2010, both companies have denied the merger reports. Later, US media reported that merger talks were balked at terms that denied Harman power to dismiss Brown while giving the British editor freedom to report to an independent board.