Ashley Benson and Brandon Davis are enjoying a day out together.
15.04.2024 - 14:45 / variety.com
Todd Spangler NY Digital Editor Ben Sherwood and Joanna Coles inked a deal to lead IAC’s The Daily Beast, under which the media veterans have been granted a minority stake in the news and opinion site. Effective immediately, Sherwood — one-time president of the Disney ABC Television Group — will serve as The Daily Beast’s publisher and CEO. Coles, previously Hearst Magazines’ chief content officer, is the site’s chief creative and content officer.
The duo will “share a substantial interest in the company,” IAC said, but specific financial terms of the deal were not disclosed. Sherwood and Coles will own about half the equity in The Daily Beast, while IAC will retain majority ownership control, the New York Times reported. The deal comes after former Daily Beast CEO Heather Dietrick exited the company the end of 2023 to join Outside Interactive as chief media officer.
“These are tough times for digital journalism, but the combined experience, expertise and energy of Ben and Joanna have made me an optimist about their ability to make The Beast an enduring and successful enterprise,” said Barry Diller, chairman and senior executive of IAC. Last year, Diller explored a deal that would have merged the Daily Beast with Ankler Media, a startup co-founded by Janice Min, a former top editor at the Hollywood Reporter and Us Weekly. However, by midyear, Diller had decided to abandon that deal, per a report by the New York Times.
After the Daily Beast was launched in 2008 by founding editor Tina Brown, IAC became 50% owner of the merged Newsweek Daily Beast Co. IAC then bought a controlling stake in the venture before selling Newsweek to IBT Media in 2013. Sherwood had left Disney in 2019 to start youth sports technology startup
.Ashley Benson and Brandon Davis are enjoying a day out together.
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