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Daily Beast Turns First Quarterly Profit Amid Cutbacks, Q3 Revenue Rises 81%
Ben Sherwood and Joanna Coles, after scaling back staff at The Daily Beast, have managed to swing the site to its first profitable quarter.
Ben Sherwood and Joanna Coles, after cutting back staff at The Daily Beast, have managed to swing the digital news and opinion site to its first profitable quarter. In April, Sherwood and Coles inked a deal to lead The Daily Beast, under which the media veterans were granted a 49% stake in the news and opinion site. To get the Daily Beast into financial shape, Sherwood and Coles made a series of cuts, including a voluntary buyout program targeting a $1.5 million reduction in expenses.
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