After a week of uncertainty, The Daily Beast announced yesterday they will live on after the departure of creator/editor-in-chief Tina Brown.
The website, introduced in 2008, won the Webby for best news site twice and garners 15 million unique visitors per month.
The Daily Beast notably took over Newsweek after diminishing subscription and advertising revenues made printing and distribution expenses hard to afford, ending 80 years of print publication. Barry Diller, executive of IAC (owner of Daily Beast), later called the purchase “stupid” and a “mistake.”
Why was it a stupid mistake? In 2010, The Washington Post Company sold Newsweek to Sidney Harman for one dollar, plus the liability of $47 million. Then in 2010, Harman merged Newsweek with The Daily Beast, each sharing 50% ownership. Harman made payments toward the debt, without worrying about profit. Then he died in 2011, and Diller wasn’t as willing to resuscitate the unprofitable magazine. He sold Newsweek to IBT Media, the publisher of the digital-only International Business Times.
Although they produce their own content, The Daily Beast is well-known for their curation section known as The Cheat Sheet, a list of 10-20 of the biggest stories from all news outlets. This simple way of keeping up with current affairs, which is updated throughout the day, includes a headline, brief summary (written by a Beast staffer), and a link to the full story (from whatever site broke it, typically). In an information overload state of news content, The Cheat Sheet is a convenient spot to keep up with the most relevant news at the moment, and one good reason the Daily Beast will shine on.