Tina Brown Leaving The Daily Beast, Announces Tina Brown Live Media
The Daily Beast was her baby. But now Tina Brown is leaving the news reporting and opinion website and she has announced she will form a a new company called “Tina Brown Live Media.”
BuzzFeed was the first to report the surprising news that Brown was splitting with IAC, the Barry Diller-owned parent company of the Beast.
According to BuzzFeed, Diller had decided not to renew Brown’s contract, which is up in January. However, sources close to Brown told the BuzzFeed’s Peter Lauria (a former Beast staffer) that it was Brown who decided to sever ties with IAC.
Tina Brown Live Media will be centered around Brown’s “Women In The World” conference, as well as other live events. Brown told the Beast that her new company’s focus would be “theatrical journalism.” A statement announcing Tina Brown Live Media, said the new company it would “merge Brown’s lifelong commitment to journalistic inquiry with her innate ability to dramatically stage storytelling” and would be “devoted to sponsor-supported summits, salons and flash debates.”
Brown personally informed the staff of the Beast on Wednesday of her departure, wrote Capital New York.
Brown said in a statement that her time at the Beast was “some of the most exciting and fulfilling years” of her professional life. She made a name at Tatler, The New Yorker, and Vanity Fair. “And I am proud, too, of what we did with Newsweek in the battle we waged to save it from the overwhelming forces of media change.” Newsweek became all-digital and then was sold to IBT Media last month. Diller called purchasing Newsweek a “mistake” at one point.
“That venture quickly soured amid stubborn financial and editorial difficulties, and IAC sold Newsweek to IBT Media in August,” reports The Huffington Post.
Financially, The Daily Beast has not fared well. It is reportedly set to lose as much as $12 million this year. It has however seen gains in ad revenue and traffic.
Managing director Deidre Depke and executive editor John Avlon will run the site for now.