Barry Diller, the billionaire media and tech mogul, is exploring the sale of digital tabloid The Daily Beast, according to a report Friday.
IAC, the holding company founded by Diller, has hired the advisory firm Whisper Advisors to explore the sale of The Daily Beast, The New York Times reported.
The sale process is still in the early stages, and a price for the property is not yet known, the report said.
“IAC does not comment on rumors or speculation,” a rep for the company told The Post.
Diller has owned The Daily Beast for 14 years after co-founding the site with longtime editor Tina Brown.
The scrappy digital publication — which drew roughly 15 million visitors in November — has landed some big stories, such as news that former NFL player Herschel Walker, the Republican nominee for Senate in Georgia, was the father of children he had not previously mentioned publicly.
But the site has also struggled financially, turning to digital subscriptions to grow revenue. Currently, the company charges $4.99 a month for unlimited access to its coverage, while offering an advertising-supported crossword puzzle five times a week.
According to the Times, The Daily Beast, which operates independently from other IAC brands, also takes a cut of online sales from products it recommends on its site.
The gossip and news site is currently the subject of a lawsuit against a former editorial director of Gawker, who sued the company in 2020 for defamation. That case is working its way through the courts and is expected to heat up this year. The Daily Beast has said its article is accurate.
Diller’s reported move to sell The Daily Beast comes as the advertising market is squeezing media companies. Diller, whose company IAC acquired a trove of magazines from Meredith Corp. in 2021, has been digesting that merger. Its portfolio includes digital sites People, Better Homes and Gardens and Southern Living,
IAC said last year that it was killing the print editions of Entertainment Weekly, InStyle, EatingWell, Health, Parents and People en Español.
[Written in collaboration with other media outlets with information from the following sources]
