The two executives will take an equity stake in the outlet
Diller hired Ben Sherwood, the former president of Disney's ABC Television Group, and Joanna Coles, the former Hearst Magazines content chief, to run The Daily Beast.The duo is being granted a minority equity stake in the outlet in addition to their salaried positions, according to a source familiar with the matter. The New York TimesThe Daily Beast's parent, IAC, will remain majority owner.
Diller has been trying to find a buyer or strategic partner to manage The Daily Beast for over a year.with The Ankler, a Hollywood-focused media company, last year, but the deal fell apart.: The outlet is not profitable and last year was on track to lose tens of thousands of dollars, a person familiar with the company's finances said.: The publication was founded in 2008 by Tina Brown, the award winning writer and former editor of Tatler, Vanity Fair, and The New Yorker.
It merged with Newsweek magazine in 2010, but then separated from the company when IAC sold Newsweek in 2013.: In a statement, Coles said she planned to bring the outlet "back to its rebel roots." The Beast's origin as a "sophisticated tabloid" is even more relevant today, she said.Share on linkedin
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