Media Moves

Daily Beast spinning into a sale?

January 18, 2023

Posted by Mariam Ahmed

Benjamin Mullin of The New York Times reports:

The tech mogul Barry Diller was one of the first billionaires to experiment with digital journalism in the 2000s, teaming up with the longtime editor Tina Brown to start The Daily Beast, a scrappy tabloid for the budding online era.

Now, Mr. Diller’s 14-year run as owner of the internet muckraker may be coming to an end.

IAC, the holding company founded by Mr. Diller that owns digital properties including People, Better Homes and Gardens, and Southern Living, has hired the advisory firm Whisper Advisors to explore the sale of The Daily Beast, according to two people with knowledge of the decision.

The sale process is in the early stages, the people said, and it may not result in a deal. The price The Daily Beast might command in a sale is not clear.

An IAC spokeswoman declined to comment.

Like other digital-media companies, The Daily Beast has turned to digital subscriptions to expand its business in recent years. The company charges $4.99 a month for unlimited access to its coverage, while offering an advertising-supported crossword puzzle five times a week. It also takes a cut of online sales for products that it recommends on Scouted, a section of the site dedicated to internet shopping.

Read more here.

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