Tags: newsweek | ceo | steps | down

Newsweek CEO to Leave After Magazine Is Put Up for Sale

Wednesday, 05 Jun 2013 07:55 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Baba Shetty, chief executive officer of Newsweek/Daily Beast Co., is stepping down a week after owner Barry Diller said he was putting the now-online-only Newsweek magazine up for sale.

Shetty, who became CEO last September, will be replaced on an interim basis by Rhona Murphy, who has been serving as international publisher, the New York-based company said today in a memo to employees.

“Baba Shetty is moving on as CEO, taking the summer off to spend some time with his family,” Daily Beast/Newsweek Editor- in-Chief Tina Brown said in the memo. “We wish Baba great success in his future ventures.”

Newsweek, the 80-year-old weekly magazine, shifted to an online-only format at the end of last year after struggling to maintain its circulation and newsstand sales. Last week, Diller said he would seek buyers for Newsweek and focus on the Daily Beast brand.

Diller acquired Newsweek as part of an agreement with the late Sidney Harman in November 2010 and combined it with his existing news website, the Daily Beast. The billionaire now says he regrets the move.

“I wish I hadn’t bought Newsweek,” Diller told Bloomberg Television in an interview in April. He said it’s become difficult to publish a weekly magazine at a time when news has become instantaneous.

Even so, the company reported last week that the online- only version of the magazine was making progress. It’s on pace to break even by the end of this year, Brown and Shetty said in a note to staff at the time.

“Our obligation was to turn the business around, and develop a breakthrough digital product,” they said. “We’ve done just that.”


© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Gov. McAuliffe Isn't Talking, but in 2007 Said 'Shut Borders Down'

Tuesday, 22 Jul 2014 21:16 PM

I arrived at the lobby on the floor of Virginia Gov. Terry McAuliffe's office at 7:55 a.m., intent on waiting until I ha . . .

Ted Cruz on 'True Blood': Vampire Vote Belongs to Democrats

Tuesday, 22 Jul 2014 20:51 PM

Sen. Ted Cruz took to social media Tuesday with his take on an HBO "True Blood" episode depicting a bloodbath at a ficti . . .

School's Diversity Policy and Prof's Disdain for It Cause Debate

Tuesday, 22 Jul 2014 20:13 PM

A new diversity policy at the University of Wisconsin in Madison – and an economics professor's open disdain for it – ar . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved