Daily Beast's fate to be decided by 'first week in October'
Barry Diller's IAC will decide what to do with The Daily Beast by the first week in October now that the website is parting ways with Tina Brown, the site's high-flying editor-in-chief since its 2008 launch.
News broke on Buzzfeed yesterday that Brown's contract will not be renewed. She subsequently announced that she is leaving the Beast to start her own live media events company.
The Daily Beast's future is now up in the air. Bloomberg News reported this morning that IAC is considering a sale. The site is not yet profitable and is also in the midst of separating itself from Newsweek, which was acquired by new owners last month after two years of the publications being run as a joint entity.
In a memo to staff this morning that a source provided to Capital, Diller wrote: "I can't make promises for the future, but I'm hopeful we can continue to publish the Beast with as much energy, verve and moment as Tina has given us. What I can promise is that we will come to a conclusion by the first week in October."
His full note is below:
Yesterday's rushed announcement of Tina Brown's resignation wasn't at all what had been intended. Tina Brown had told me more than a month ago that she didn't wish to continue as the Editor in Chief of The Daily Beast. We had agreed to announce this sometime during the month of September and were on course to do so.
From the heady great days of launching what was one of the first Internet journalism sites to establishing the strong, and yes, growing Daily Beast brand, through the difficult Newsweek period and now, hopefully, back to the focused business of the Beast - it's definitely been a ride.
What shouldn't be discounted among all the chatterers is the outstanding work Tina Brown and all of you, past and present, have accomplished to establish the Beast in such a short time in this overcrowded media world.
I can't make promises for the future, but I'm hopeful we can continue to publish the Beast with as much energy, verve and moment as Tina has given us. What I can promise is that we will come to a conclusion by the first week in October.