The Daily Beast has long been an outlier in the digital empire of the billionaire Barry Diller.
As sites like Match.com and Expedia made millions over the years, Mr. Diller’s digital tabloid lost money, publishing scoop after scoop but struggling to turn a profit.
Mr. Sherwood and Ms. Coles will be granted an equity stake equivalent to roughly half of The Daily Beast, with IAC keeping the majority, according to a person familiar with the matter.
Mr. Sherwood, 60, will be its chief executive and publisher, and Ms. Coles, 61, will be chief creative and content officer.
The decision to bring in Mr. Sherwood and Ms. Coles came after Mr. Diller considered a sale of The Daily Beast and had conversations with various suitors.
Persons:
Barry Diller, Expedia, Diller, he’s, Ben Sherwood, Joanna Coles, Sherwood, Coles, Janice Min
Organizations:
Disney ABC Television Group, Hearst Magazines, IAC, Daily, Hollywood, Ankler Media, The Hollywood
Locations:
Ben