By Mike Bruno
Updated November 12, 2010 at 12:32 PM EST
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Daily Beast editor and founder Tina Brown announced that her two-year-old website has merged with the 77-year-old news magazine Newsweek. The deal has been rumored for the past several weeks, and Brown confirmed with a note posted on Daily Beast Thursday, saying the deal “finally took place with a coffee-mug toast between all parties Tuesday evening.”

Harmon said in a statement: “In an admittedly challenging time, this merger provides the ideal combination of established journalism authority and bright, bristling website savvy.”

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