Tina Brown splits from Barry Diller's IAC to start new venture

Wed Sep 11, 2013 6:43pm EDT

Tina Brown, editor-in-chief of The Daily Beast and Newsweek, speaks during the Clinton Global Initiative in New York, September 22, 2011. REUTERS/Lucas Jackson

Tina Brown, editor-in-chief of The Daily Beast and Newsweek, speaks during the Clinton Global Initiative in New York, September 22, 2011.

Credit: Reuters/Lucas Jackson

(Reuters) - Tina Brown is leaving Barry Diller's IAC/InterActivecorp to start a media venture after five years with the company, where she launched the news and culture website Daily Beast.

Brown said her new company, Tina Brown Live Media, will be devoted to summits, salons and debates, according to a memo that she sent out on Wednesday about her exit.

"The very success of Beast events and notably the Women in the World summits, held the last two years at Lincoln Center, has made (me) wish to concentrate on this broader horizon," she wrote.

Brown and IAC decided to part ways after her contract ends in January, according to a source familiar with the matter, who added that no decision has been made regarding the future of the Daily Beast.

The Daily Beast had instant recognition when it launched in 2008 thanks to Brown's star power in media and political circles honed when she added glitz to magazines Tatler, Vanity Fair, The New Yorker and Talk when she was at their helm.

Still, the Daily Beast's business prospects have been dim, with the site losing millions of dollars annually, according to the source. IAC does not break out the Daily Beast's financials.

BuzzFeed first reported the news that Brown was leaving IAC.

(Reporting by Jennifer Saba in New York; Editing by Leslie Adler)

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