The Daily Beast Has a Post-Tina Brown Future—For Now

Parent company IAC Approves 2014 budget

The Daily Beast will live to see another year—but beyond that is anyone's guess.

"The Daily Beast is not for sale and is not closing," interim CEO Rhona Murphy said in a statement Friday. "[Parent company] IAC has approved in concept the operating budget for 2014."

After news broke last week that editor Tina Brown wouldn't renew her contract with the Beast when it expires at the end of the year, the site's outlook was less than certain. While The Daily Beast's statement talked up the site's traffic, it is likely to lose millions of dollars this year.

Regardless, the company said the site is on track to get a redesign. “The Daily Beast continues to grow at a robust rate and we are committed to bringing the business into a new era of strength and stability,” managing director Deidre Depke said in a statement.

Depke and executive editor John Avalon will run the Beast once Brown exits. 

IAC CEO Barry Diller commended Brown's efforts over the past several years, saying in a statement that, with the exception of the Newsweek bungle, "the story of The Daily Beast is one of excellence in reporting, in design, and in digital distribution."