The Newsweek/DailyBeast Company LLC and TStone Corp., a leading Asian private equity firm which focuses on media, education and financial services are entering into a joint venture in Asia. The JV will create a pan-Asian media group with a focus on expanding the current Asian edition of Newsweek magazine through added local editorial focus and increased distribution while also expanding the brand into new business initiatives including digital, broadcast and events.

Stephen Colvin, CEO of The Newsweek Daily Beast Company said, "We are delighted to form this new venture with TStone Corp whose proven business acumen and expertise in conducting successful business in Asia will allow Newsweek to realize its full potential in this increasingly important region of the world."

Said Joonhee Won, CEO of TStone Corp., "We are delighted to be entering into this joint venture with The Newsweek Daily Beast Company. Newsweek is one of the world's most respected and successful media brands. We look forward to expanding in Asia beyond magazines to other areas of media in both the traditional and digital arenas."