Sale of Minority Stake in The Daily Beast

SOURCE www.mediaite.com
Barry Diller sells minority stake in The Daily Beast to Ben Sherwood and Joanna Coles, securing the future of the publication. Sherwood to serve as publisher and CEO, Coles as chief creative and content officer. The deal aims to revitalize the outlet through subscriptions, advertising, and events.

Key Points

  • Ben Sherwood and Joanna Coles acquire a 49% equity stake in The Daily Beast
  • Sherwood to be the publisher and CEO, Coles to be the chief creative and content officer
  • Focus on revenue streams like subscriptions, advertising, and events to revitalize the outlet

Pros

  • Securing the future of The Daily Beast
  • Experienced media industry veterans acquiring a stake in the company
  • Plans to revitalize the outlet through multiple revenue streams

Cons

  • Loss of majority control by Barry Diller