People Incorporated Considers Sale of The Daily Beast

People Incorporated, the former IAC, is exploring a sale of the media outlet The Daily Beast as it narrows its focus to its core lifestyle and MGM businesses. The outlet, which posted an $11 million loss in 2023, became profitable after a turnaround led by Ben Sherwood and Joanna Coles, who diversified revenue into podcasts, subscriptions and syndication and reduced reliance on banner ads.

The sale talks are described as serious but not immediate, and a possible management buyout by the current leadership has been noted. Recent portfolio moves include the March sale of Care.com and a June offer to acquire the remaining stake in MGM Resorts International at $48.30 per share.