Tina Brown to waste $18 million on Daily Beast blogStrip away the disclaimers, the Manhattan-media insideriness, the me-me-me from Simon Dumenco's report in AdAge on the Daily Beast, the Tina Brown-led news-aggregation website backed by Barry Diller's IAC Internet conglomerate, and you get these staggering figures:
An IAC insider ... tells me that it was budgeted, at least initially, to burn through $18 million in three years, with (wildly optimistic) hopes for advertising revenue of at least $10 million in that same time. More than half of Tina's 20 or so full-time staffers were budgeted to earn $100,000 or more a year.
Got that? Tina Brown's website will spend $28 million over three years. No wonder they call it a "beast." I thought blogs were supposed to be run on the cheap. (Photo by New York Magazine)