(REUTERS) — 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.
Jane Harman, the former Democratic congresswoman from California who has overseen the estate’s interest since her husband’s death in April 2011, will remain on the company’s board and participate in conferences and other media events it organizes, according to the family.