Tina Brown Reportedly Out at Daily Beast

Contract will not be renewed come January

Tina Brown, who sought to reinvent buzzy magazine journalism on the internet in the form of the The Daily Beast, and IAC have agreed to part ways.

According to a source with direct knowledge of the situation, The Daily Beast parent company IAC owned by media mogul Barry Diller does not plan to renew Brown's contract when it expires in January. The decision has been made for the two sides to part ways, said the source, but precise details of the separation are still being worked out. According to this source, Brown, who made her name among the power elite as the editor of Vanity Fair and The New Yorker, could end up taking the successful Women in the World conference with her as part of a severance agreement.

As for the future of The Daily Beast website that Brown edits, no decision has been made. Included among the options IAC is considering are a sale, closure, or continuing to operate it under a new editor. According to the source, the latter option would require "looking at the business to see if it can be turned around."

"The financials need to make some sense," this source said.