Nearly 15 years ago, media mogul Barry Diller launched the Daily Beast with his partner and editor Tina Brown. Within a few years, the website drew millions of readers and gained traction as a credible news source for people worldwide.
Like many other news websites, The Daily Beast withstood some changes and eventually switched to a subscription-based model to become more financially stable. However, as 2023 has begun, some significant modifications could be on the horizon for the company.
According to the New York Times, Parent company IAC has reportedly tapped Whisper Advisors, specializing in operations, investment, and transactions, to handle a potential sale of the company.
A leaked memo published by The New York Post shows that CEO Heather Dietrick told employees that a deal is “impossible to predict.” Dietrick told employees that the company’s success will inevitably bring suitors looking to capitalize on its momentum.
“I wanted to follow up on the New York Times story today. It isn’t surprising that — particularly after our successes of the last few years — other media companies may have expressed interest in The Daily Beast, or that IAC would be having conversations,” Dietrick wrote.
The Daily Beast charges $4.99 a month for unlimited access. They also offer an advertising-supported crossword puzzle which generates additional revenue.
The Post reported that the website drew roughly 15 million visitors in November, helped by its story about then-Senate candidate Herschel Walker who allegedly fathered children that he had not previously discussed.
According to The Wrap, Philadelphia judge Paula Patrick sued The Daily Beast last year after the website linked her to the QAnon movement. The claim is for unspecified damages and is similar to a defamation lawsuit.
In 2021, Diller’s IAC company acquired a host of magazines from Meredith Corp., including digital sites People, Better Homes and Gardens, and Southern Living.
