Dive summary:
- Baba Shetty, CEO of Newsweek Daily Beast Co., has announced his resignation from the publisher just nine months into his appointment.
- This announcement comes just one week after parent company IAC Corp. confirmed it is interested in selling Newsweek.
- No further information was given in the memo announcing Shetty's departure and neither Shetty nor The Daily Beast returned phone calls for comment.
From the article:
"IAC bought Newsweek and merged it with The Daily Beast in 2010. The magazine continued publishing until the end of last year, when the U.S. print edition folded and continued only in tablet form."