Hat tip from The Other McCain
The family of late billionaire stereo magnate Sidney Harman has stopped investing in the Newsweek Daily Beast Co joint venture that it co-owns with Barry Diller's IAC/InterActiveCorp, according to representatives of both companies.
IAC said it continues to subsidize Newsweek Daily Beast's operations, and as a result its initial 50 percent interest in the joint venture has grown into a controlling stake.
The Harman family confirmed its ownership stake has been diluted by its decision to cap contributions to the loss-making venture, but would not give a figure. The family plans to maintain a minimum level of ownership in the venture, according to a source familiar with the situation. |