Joanna Coles, the new boss of The Daily Beast, is on a mission to recruit big names like former CNN anchor Brian Stelter as she reportedly plans to cut more than a third of her staff.
May 29, 2024, published at 2:00 PM ET
Joanna Colesthe new boss The everyday beastis on a mission to recruit big names like former CNN anchor Brian Stelter while they reportedly plan to cut more than a third of their workforce, RadarOnline.com has learned.
The 61-year-old media veteran from Britain was appointed chief creative and content officer by businessman last month Barry Diller and CEO Ben Sherwoodwho hoped she could revive the struggling New York news site.
Coles has held leading roles at major publications and served as editor-in-chief of Marie Claire And Cosmopolitan, and most recently headed Hearst Magazines as CCO. She and Sherwood were hired by The beast in exchange for equity in Diller's company, IAC, which runs the publication.
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Coles was hired last month as Chief Creative and Content Officer of The Daily Beast.
The New York Post spoke to sources close to the situation who said Coles had contacted Stelter, ex-host of CNNs Reliable sources, to lead The animals media reporting. Stelter, now a special correspondent Vanity fairreportedly declined to comment.
The report came as the Beast confirmed this week that voluntary buyouts were being offered to all 37 unionized staffers in an effort to save $1.5 million a year. The New York Times.
An insider told this After that around 30% of staff were expected to accept the offer before it expires in June, while others close to the situation claimed that since he took over, Coles' aggressive management style has fueled fears of replacement by new talent.
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Sources told the New York Post that Coles had contacted Stelter to direct media coverage of the Beast.
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The outlet reported that Coles “has intimidated staffers with pointed questions about who they are and how they plan to hide their beats,” causing employees to “walk a tightrope in their attempts to please Coles,” and inspiring several people to quit the publication to leave.
“You either take over or risk being made redundant as Coles wants to create a newsroom in its own image,” said one source, who predicted redundancies could exceed the 30% mark.
The buyout package offers employees with two to four years of employment approximately three to four months' wages, the insider explains.
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Staff have reportedly been “walking a tightrope in an attempt to appease Coles.”
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“The voluntary acquisitions are part of a larger plan to reduce expenses, grow revenues and place The Beast in a healthy and sustainable financial position,” a spokesperson said. Beast said spokesperson.
“Everyone in digital media is faced with difficult choices,” the spox said.
“These acquisitions are especially difficult because we know that a number of talented and valued colleagues will decide to leave next month. Throughout this process, we remain fully committed to The Beast's core mission: great independent journalism that makes a difference.”
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In addition to the expected $1.5 million in savings from the union cuts, Coles and Sherwood hope to cut “millions” in expenses by downsizing their Manhattan office space, another source shared.
Some non-union officials are also reportedly facing potential job cuts, such as the editor-in-chief Tracy Connorwith even more cuts expected on the business side.
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Coles has remained “quite jovial and happy” while others “feel like the world is ending as they face the prospect of unemployment”, a source said, adding that Connor and editor-in-chief Katie Baker have kept a low profile in the office. Meanwhile, there has been a dip in morale among staff, along with some confusion over operations.
“Nobody has any idea who to report to…Katie and Tracy are still alive?” said the source.
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So far, the changes have resulted in a DC bureau chief Matt Fullers departure, while Coles has hired The Guardian's Martin Pengelly to recruit additional staff, including reporters Hugo Lowell. She would also reportedly like to add Hollywood writers to enhance the site's humor and culture sections.
Jill Twissformerly of Last week tonight with John OliverAnd Nell Scovellcreator of Sabrina the teenage witchare among the new recruits and write lists and opinion pieces.
