Tina Brown is leaving The Daily Beast, the glitzy internet magazine she’s helmed as editor-in-chief since 2008.
InterActive Corp, which owns The Daily Beast and is headed by media mogul Barry Diller, doesn’t plan to renew Brown’s contract when it expires in January, the blog BuzzFeed reported Wednesday
The online venture couldn’t staunch the red ink even after the sale of money-losing Newsweek to the International Business Times, BuzzFeed noted.
New York magazine reported last month the Beast was still on track to lose as much as $12 million this year, despite a Hollywood Reporter story
noting increases in visitors to the site and a rise in ad sales.
Diller and Brown, one-time allies, are now haggling over an exit package for Brown, the New York Post reported
"Negotiations are ongoing," it reported, citing an unnamed source.
The editor — whose stints at Vanity Fair and The New Yorker magazines as well as the ill-fated Talk put her among the power elite — told Daily Beast staff she’ll take her successful Women in the World Conference, and its staff, with her.
Rhona Murphy, The Daily Beast's C.E.O., said 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 Beast roars on," executive editor John Avlon commented.
According to BuzzFeed, Brown hopes to start a new venture called Tina Brown Live Media, under which she’ll have control over both editorial and business.
Neither IAC nor The Daily Beast commented about the reports.
Brown, who once called the New Yorker "the love of my life
" during her six-year stint at the venerable magazine, was upbeat about her new media venture.
"I wanted you to be one of the first to hear my news, which is so very exciting for me," Brown wrote to her staff, BuzzFeed reported.
"It’s been a hell of a fun ride at the Beast these last five years, working with Barry and that amazing young team of Beasties and seasoned commentators."
As for the future of The Daily Beast, no decision has been made, BuzzFeed reported, quoting a source saying that if the site continued with a new editor, it would require "looking at the business to see if it can be turned around."
One source told The Post Diller has been "socializing" the sale of the Daily Beast over the summer, talking to his media contacts about the idea of buying the site.
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