After a troubled five-year run, founder and editor of the Daily Beast, Tina Brown, is reportedly on her way out at the end of the year. IAC/InterActiveCorp, Barry Diller’s parent company that owns Daily Beast, will not be renewing Brown’s contract when it expires in January.
Brown’s tenure has been one marked with numerous missteps and the outright debacle of acquiring Newsweek magazine. A number of widely ridiculed Newsweek covers eventually culminated in the newsweekly being sold off — but not before Diller publicly made his feelings known that he felt the acquisition was a mistake in the first place.
Rumors have swirled for some time that Daily Beast was on its way to the scrap heap of failed vanity projects. As of now, other than the fact that it is on pace to lose $12 million this year, the future of the publication is unknown.
The spin coming from Brown’s camp is that she is leaving to form a new media company called Tina Brown Live Media.
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