It's Official: Newsweek and The Daily Beast announce merger. Weekly, meet Daily. Print, meet Online.

It should not come as a huge surprise to those who follow such things, but The Daily Beast and Newsweek are merging to create a 50/50 joint venture.

Weekly, meet Daily.

Print, meet online.

Old School print journalism, and the online world are now to be combined, with Tina Brown at the editorial helm.

Newsweek has been around for 77 years but faced an uncertain future as viable economic models to keep the venerable print weekly afloat seemed few and far between.

Brown's online-only The Daily Beast has been around for about two years, and has had growth challenges of its own as it fights the 8,000 lb gorilla in the room--The Huffington Post.

While critics can speculate if the combo will find financial success, what does seem to be true, is that this is a merger of powerful executives--Brown, who has been the highly regarded editor of Vanity Fair, The New Yorker, and her own print start-up Talk; Barry Diller who, as head of IAC will own 50% of the combined publication; and Sidney Harman, the 92-year-old stereo mogul who recently bought Newsweek for $1, and has been seen as the magazine's potential savior.

And with combined print and online strength, combined advertising sales should be easier to come-by.

The corporate venture will be legally called The Newsweek Daily Beast Company, but it is unclear if the two brands will merge at the consumer level--"The News Beast" perhaps?

For more, read Tina Brown's announcement of the merger

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