Media mogul Barry Diller has taken The Daily Beast off the auction block.
Mr Diller, chairman of 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.
Until recently, according to people with knowledge of the talks, he was in discussions about a deal with Uncle Media, a start-up that has created its own unblemished list of Hollywood elites since longtime magazine editor Janice Min. Earned a reputation for coverage. It was co-founded early last year.
Mr Diller, 81, said in a statement: “We had talks with The Uncler, but we have backed out.” “The Daily Beast is not for sale.”
He did not elaborate on his plans for The Daily Beast, a publication that was first edited by magazine editor Tina Brown. in 2008 And it has earned praise for its journalism.
Mr. Diller’s decision ended 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 including People, Better Homes and Gardens, and Southern Living.
In mid-January, The New York Times reported that Mr. Diller was exploring the sale of The Daily Beast, which is struggling to find its footing as an independent business. In an interview After a few weeks with PBS, he said he wanted to find a new owner for the publication who would invest in it.
“It hasn’t been an easy road, but it’s what got us there,” Mr. Diller said of the tough economic conditions facing digital journalism. “And we’d better preserve and improve it and not allow it to be captured by either side of the extreme forces.”
According to people with knowledge of the talks, Mr. Diller recently considered a deal that could have created a joint venture that owned both The Daily Beast and The Ankler. He may have taken a stake in the business, providing cash that will help finance its operations.
Ms. Min, 53, who previously styled The Hollywood Reporter and Billboard, was in discussions to steer the new venture, according to people with knowledge of the talks. A $1.5 million funding round last year valued Ankler Media at $20 million, Ms. Min said, adding that The Ankler was on pace to generate revenue in the mid-seven figures this year.
Ms Min said the deal with The Daily Beast was not a good fit for The Ankler.
“We were approached, the idea was explored and ultimately it didn’t make sense for The Ankler,” he said in a statement. “We are fans of The Daily Beast and Barry and wish him every success.”