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.
Now, Mr. Diller is making a major push to change that, and he’s brought in Ben Sherwood, the former president of Disney ABC Television Group, and Joanna Coles, the former chief content officer of Hearst Magazines, to help.
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. That will allow them to participate in the financial success of the website if they can grow its business. They will each be paid salaries. Mr. Sherwood, 60, will be its chief executive and publisher, and Ms. Coles, 61, will be chief creative and content officer.
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