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IAC And Daily Beast Editor Tina Brown to Part Ways (BuzzFeed / Business)
Tina Brown, who sought to reinvent buzzy magazine journalism on the Internet in the form of The Daily Beast, and IAC have agreed to part ways. According to a source with direct knowledge of the situation, The Daily Beast parent company IAC, owned by media mogul Barry Diller, does not plan to renew Brown’s contract when it expires in January. The decision has been made for the two sides to part ways, said the source, but precise details of the separation are still being worked out. Brown confirmed her departure in both a meeting with staff and in an email sent to friends and contacts after BuzzFeed broke the news on Wednesday. Politico / Dylan Byers on Media Brown will split with parent-company IAC next year and launch her own company, Tina Brown Live Media, according to sources with knowledge of her plans. The contract negotiations have been going on for the last few months, according to a source familiar with the discussions, and the split has been a “long time coming.” Daily Beast Brown is optimistic about the future of The Daily Beast. “The great thing about change is that you get influxes of new energy and you get different ideas,” she said. “I will be one click away from you every morning,” she told staffers, and added, “I will continue to see you grow.” Capital New York Brown, who was once editor of The New Yorker and Vanity Fair, told Daily Beast staff she will take her successful Women in the World Conference, and its staff, with her, according to a source who was present at the newsroom gathering. Rhona Murphy, The Daily Beast’s CEO, said during the meeting that there are currently no plans to close the site, which is still in the process of extricating itself from Newsweek, and that a budget was being planned through 2014, the source said. Mashable A source claiming to be close to the negotiations emphasized that Brown — not IAC — “ultimately made the decision to walk away from The Daily Beast” and that it’s “more of a mutual separating of ways.” The source added that Brown’s relationship with IAC Chairman Barry Diller is “not strained” and she continues to have “a ton of respect” for him. FishbowlNY Brown’s departure will surely kick “The Daily Beast is dead” rumors into high gear. The site is on pace to lose $12 million this year, so don’t be shocked if IAC decides to sell or completely shut it down.
Posts Tagged ‘Tina Brown’
It is officially Tina Brown day. Hope that’s cool with you. Not long after we learned that IAC wouldn’t be renewing Brown’s contract, Politico’s Mike Allen is reporting that Brown’s next move is to launch her own company:
SIREN: Tina Brown leaves Daily Beast, forms Tina Brown Live Media: will expand Women of the World conference, host events like flash debates
— Mike Allen (@mikeallen) September 11, 2013
Additionally, a source told Politico that Tina Brown Live Media “is really a marriage of her commitment to journalism and story telling, it’s going to be really event orientated.”
ALSO: Below is a picture of Brown eating lunch. Weird that she chose today of all days to do that. Hmm….
All good things, and some mediocre things, must come to an end. BuzzFeed is reporting that IAC — parent of The Daily Beast — won’t be renewing Tina Brown’s contract when it expires at the end of this year:
The decision has been made for the two sides to part ways, said the source, but precise details of the separation are still being worked out. According to this source, Brown… could end up taking the successful Women in the World conference with her as part of a severance agreement.
If this is the end of Brown’s tenure at The Daily Beast, it’ll likely be remembered more for the bad times than the good. Brown was a constant lightening rod for the media, which seized any chance it could get to point out what Brown was doing wrong. Brown didn’t do much to help her case either, as evidenced by all the wacky Newsweek covers she authorized.
Brown’s departure will surely kick “The Daily Beast is dead” rumors into high gear. The site is on pace to lose $12 million this year, so don’t be shocked if IAC decides to sell or completely shut it down.
Now that IAC has sold off Newsweek, what does the future hold for The Daily Beast and Tina Brown? The Daily Beast might one day disappear because — according to Adweek — it’s currently on pace to lose $12 million this year. That’s not likely to inspire much confidence in Barry Diller, who famously called buying Newsweek “a mistake.”
As for Brown, Adweek guesses she’ll either stay at The Daily Beast, shift her focus to the Women in The World Summit, or maybe take some time off to finish her book on Hillary Clinton. In other words, no one has any idea what the hell Brown will do next.
At least Brown still has some support. David Remnick, The New Yorker’s editor-in-chief, told Adweek that he is “always rooting for her.”
The New York Times is not for sale. The New York Times is not for sale. Okay, one more time: The New York Times is not for sale, dammit. Now that we’ve repeated this already repeated fact, let’s be straight here — it doesn’t matter if the Times is for sale or not, because media people love talking about it anyway.
The New Republic knows that this is a subject that just won’t go away, so they went ahead and asked several experts who they think should buy the paper of record. Below are some of their answers. Click through for their expanded answers.
Hey @HowardKurtz am I forgetting something or didn’t I fire you for serial inaccuracy? Shurely shome mishtake as British hacks like to say..
— Tina Brown (@TheTinaBeast) August 5, 2013
For some context, Kurtz was fired after he wrote an incredibly stupid column about former NBA player Jason Collins, who came out via a Sports Illustrated article.
Maybe it’s time for Kurtz to just chill? Maybe.
Now that Newsweek has been sold yet again, it’s time to examine who is at fault for its downfall. The popular target is Tina Brown. She certainly receives the brunt of a New York Times piece, which features interviews with Newsweek staffers who claim that Brown’s style destroyed the magazine. And while that’s true, Brown is not solely to blame.
Brown is famous for being irrational and chaotic. As the Times notes, she sent staffers to Paris despite there being no promise of a story. She once asked Dirk Barnett, Newsweek’s former creative director, to design 82 covers in just seven days. When she did approve covers, they were often ridiculous. Brown even claimed that she knew about Breaking Bad before anyone else at Newsweek, which sort of shows how kooky she can be.
IBT Media, publishers of the International Business Times, are your new Newsweek owners. IBT is a digital-only company, so Newsweek will continue as it has since the print edition was folded. Financial terms of the deal were not disclosed.
In 2010, Sidney Harman purchased Newsweek from The Washington Post Company. Harman then entered into a partnership with Barry Diller and IAC. Tina Brown — editor of Newsweek and The Daily Beast — tried her best, but aside from generating some catchy/creepy covers, Newsweek continued to flounder. After the magazine was folded, Diller even admitted that being involved with Newsweek was a mistake.
IAC will operate Newsweek for the next 60 days, after that, it’s all IBT Media’s. For better or worse.
Shetty joined Newsweek/The Daily Beast in September of 2012, after six years with the ad agency Hill and Holliday. He unexpectedly departed Newsweek/The Daily Beast this past June. In a memo announcing Shetty’s move, Tina Brown provided no details, simply stating Shetty was “moving on as CEO, taking the summer off to spend time with family.” We guess summer’s over?
Rhona Murphy is currently interim CEO of Newsweek/The Daily Beast.
For more on Shetty’s new gig, head over to AgencySpy.
Newsweek/The Daily Beast has promoted Michael Moynihan to editorial director of “Beast Weekend,” which will launch this fall. According to a memo from Tina Brown, Beast Weekend will offer readers content that caters to a Saturday/Sunday mind. “Beast Weekend will refresh and refocus our weekend content towards culture as well as longer reads,” explained Brown.
Moynihan has been with Newsweek/The Daily Beast since September of last year. He most recently served as cultural news editor.
Below is the full note from Brown.