Entries in The Daily Beast (2)


Tina Brown: Newsweek/Daily Beast Isn’t ‘Making Money Yet’

Joe Raedle/Getty Images(NEW YORK) -- There were many skeptics when the 79-year-old news magazine Newsweek merged with the upstart website The Daily Beast in 2010 under Tina Brown's leadership.  Could two media outlets, both loosing money, be combined into a financially sound operation?

In a recent interview with ABC's Nightline, Brown, who is editor-in-chief of the joint venture, said it is well on it’s way to success and pushed back hard against published reports that the Newsweek/Daily Beast Company suffered $30 million in losses last year, calling such reports "excessive.”

“We are certainly not losing that amount, but we aren’t making money yet and we won’t make money for another couple of years but we will as long as we can build the brand back up again,” Brown told Nightline anchor Cynthia McFadden.

Newsweek was loosing tens of millions of dollars annually when investor Sidney Harmon stepped in and bought it from the Washington Post for $1 in August 2010.  A few months later, Harmon talked with Brown and her business partner at The Daily Beast, Barry Diller, about forming a single entity.

Over the past year, Brown has repeatedly said this is a rebuilding time for Newsweek and that it will take a while to redefine the brand’s image and reposition it in the marketplace. 

She admitted that this past year has been “very difficult” because it “was all about just stopping the thing from crashing into the floor.”  During this past year, newsstand sales were up a healthy 15 percent, but the all important ad pages fell by almost 17 percent.

Brown is widely seen as one of the best editors of her generation, increasing sales at Vanity Fair when she was its editor in the ’90s by a staggering 600 percent.  She went on to redesign The New Yorker.

Asked how far along she feels she is in transforming the operation, Brown paused.

“I think we are sort of 40 percent there,” she told McFadden.  “It seems to me that we have stopped Newsweek from failing and we are now on our way back up.”

Watch the full story on Nightline Wednesday at 11:35 p.m. ET/PT

Copyright 2012 ABC News Radio


Following ‘Daily Beast’ Merger, Overhauled ‘Newsweek’ Revealed

Joe Raedle/Getty Images(WASHINGTON) -– Tina Brown revealed the first look at the newly redesigned Newsweek magazine Sunday on ABC’s This Week with Christiane Amanpour.

The new cover features United States Secretary of State Hillary Clinton in the magazine's special edition, "150 Women Who Shake the World."

Brown, who previously captained Vanity Fair and the New Yorker magazines, took over the flailing news-weekly in November when it merged with her website, The Daily Beast, which launched in October 2008. Brown is now the editor in chief of both the Daily Beast website and the new Newsweek.

Newsweek, the 77-year-old magazine that fought neck and neck for decades with Time magazine for dominance in the once-lucrative news-weekly magazine market, has struggled financially in recent years along with many other once-dominant publications.

Last May, the magazine's longtime owner, the Washington Post Company, put it up for sale. 92-year-old mogul and philanthropist Sidney Harman bought Newsweek and lured Brown to the top spot.

Although Brown is one of the most highly respected magazine editors in the world, her legendary 35-year career has not been without the occasional disappointment, such as the much-heralded but short-lived Talk magazine.

Breathing new life into Newsweek will be perhaps her greatest challenge. 

Copyright 2011 ABC News Radio

ABC News Radio