Barry Diller ends talks to sell The Daily Beast

Media magnate Barry Diller has taken The Daily Beast off the auction.

Mr Diller, the chairman of the digital media company IAC, said on Friday that The Daily Beast – a digital tabloid known for its aggressive political and media coverage – is not for sale.

According to those with knowledge of the conversations, he had until recently been in talks about a deal with Ankler Media, a start-up that has built a reputation for its relentless coverage of Hollywood elites since Janice Min, a longtime magazine editor, left early last year. co-founder.

“We have had negotiations with The Ankler, but we have pulled out,” Diller, 81, said in a statement. “The Daily Beast is not for sale.”

He did not elaborate on his plans for The Daily Beast, a publication that magazine editor Tina Brown first edited in 2008 and that has earned praise for his journalism.

Mr. Diller’s decision ends a months-long effort to find a new home for The Daily Beast. The publication is a small part of IAC, a holding company that owns magazines such as People, Better Homes and Gardens, and Southern Living.

In mid-January, The New York Times reported that Mr. Diller was exploring a sale of The Daily Beast, which was struggling to gain a foothold as an independent company. In an interview with PBS a few weeks later, he said he wanted to find a new owner for the publication who would invest in it.

“It’s not an easy road, but it’s what we’ve got,” Mr Diller said of the tough economic conditions facing digital journalism. “And we had better nurture and improve it and not allow it to be captured by either side of extreme forces.”

Mr. Diller recently considered a deal that would have created a joint venture that owned both The Daily Beast and The Ankler, according to those with knowledge of the talks. He would have taken a share in the company and provided cash with which to finance the activities.

Ms. Min, 53, who previously revamped The Hollywood Reporter and Billboard, was in talks to lead the new venture, according to those with knowledge of the talks. Ms. Min said Ankler Media was valued at $20 million in a $1.5 million funding round last year, adding that The Ankler was on track to generate revenue in the mid-seven digits this year.

Ms Min said a deal with The Daily Beast didn’t sit well with The Ankler.

“We were approached, researched the idea and ultimately it didn’t make sense for The Ankler,” she said in a statement. “We are fans of The Daily Beast and Barry and wish them the best of luck.”