IAC: 'The Daily Beast' Isn't For Sale
"If you removed the failed experiment to revive 'Newsweek,' the story … is one of excellence," Barry Diller stated.
Barry Diller's IAC has decided to retain The Daily Beast and fund the news website next year.
"The Daily Beast is not for sale and is not closing," Rhona Murphy, the site's interim CEO stated in a memo to staff. "IAC has approved in concept the operating budget for 2014."
The news arrives in the wake of the planned exit of editor-in-chief Tina Brown, who's been with The Daily Beast since its founding in 2008. Brown is departing to start a conference-based business specializing in "theatrical journalism" and featuring the "Women in the World" summit.
Diller had stated that the fate of the website would be decided by the first week of October. The departure of the high-profile editor had left the Beast subject to speculation that it could be sold or potentially shut down.
IAC off-loaded the Newsweek brand in August to the publisher of the International Business Times for an undisclosed sum. IAC chairman Barry Diller made a brief mention of the newsweekly, which ceased print publication in the U.S. last December, in Friday's staff memo.
“If you removed the failed experiment to revive Newsweek, the story of The Daily Beast is one of excellence in reporting, in design and in digital distribution," Diller stated.
The Daily Beast saw 6.06 million monthly unique visitors in August, according to ComScore figures. The website is also planning a redesign.