IAC/InterActiveCorp acquired a controlling stake in the Newsweek/Daily Beast Co., a media company formed last year from the merger of an online news startup and Newsweek magazine.

“We’ve acquired a controlling interest and it’s not material to our earnings,” said Justine Sacco, a spokeswoman for New York-based IAC. Reuters previously reported on the move.

To contact the reporter on this story: Sarah Frier in New York at sfrier1@bloomberg.net

To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net