The news comes from IAC/InterActiveCorp chief Barry Diller in a conference call with analysts to discuss his company’s earnings. Newsweek/Daily Beast is “squarely on our heads,” he said following the recent decision by the family of Sidney Harman to pull back its funding for the joint venture. Diller says that IAC also won’t “contribute to the losses of the business as they’ve been this year…Our investment next year will be considerably less.” Does that mean Diller will scrap the print publication, and just offer news and commentary online? Not clear. “The transition will happen,” Diller says although he adds “I’m not saying it will happen totally.” But either late this year or early next “it’ll be different. I can’t tell you in what ways.” The problem is that advertising in newsweeklies is “entirely elective.” Yet he praised editor Tina Brown’s efforts. “The brand is stronger than when we acquired it,” he says. “There’s been true improvement in the book. Tina Brown and her staff have done a superb job.” Although IAC doesn’t breakout financials for Newsweek/Daily Beast, it said this morning that the inclusion of the property in the Q2 results contributed to higher losses for the Media group. IAC took an $18.6M pre-tax non-cash charge to recognize the declining value of its investment in the property.
IAC Investment In Newsweek/Daily Beast Will Be “Considerably Less” Next Year
What's Hot on Deadline
'Black Panther' Breaks More Records: $108M Second Weekend Is Second-Best Ever As Marvel Movie Heads For $400M
CNN's Brian Stelter Blasts Pirro-President Chat As "Fantasyland", Glenn Beck Calls Tapper's Town Hall "Grotesque"
'Black Panther' Runs Past $300M Offshore, $700M WW; 'Operation Red Sea' Rises In China - International Box Office
Berlin Film Festival Winners: 'Touch Me Not' Is Golden Bear; Wes Anderson Takes Best Director For 'Isle Of Dogs' - Full List
Latest Film News
- ‘Black Panther’ Runs Past $300M Offshore, $700M WW; ‘Operation Red Sea’ Rises In China – International…
- 'Operation Red Sea' Tops Newcomers; 'The Shape of Water' Crosses $55M – Specialty Box Office
- Sridevi Kapoor Dies: Bollywood Superstar In Multiple Languages Was 54
- 'Guardians Vol. 2' VFX Supervisor On All-New Rocket Raccoon & Pic's Spectacular Credits Sequence
- Berlin Film Festival Winners: ‘Touch Me Not’ Is Golden Bear; Wes Anderson Takes Best Director For ‘Isle Of Dogs’…
- ‘The Shape Of Water’s Guillermo Del Toro On The “Biggest Missing Piece” Co-Writer Vanessa Taylor Brought To…