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TINA BROWN MEMO TO STAFF ON NEWSWEEK CEO SHETTY LEAVING COMPANY


(The following is a reformatted version of a staff memo issued by Newsweek/Daily Beast Co., and received via electronic mail. The memo was confirmed by the sender.)

To: All Staff

From: Tina Brown

I wanted to let you all know that Baba Shetty is moving on as CEO, taking the summer off to spend some time with his family. He has presided over a terrific nine months of product development and digital growth here, during which time he has brought in and cultivated a dynamic digital team, led by Mike Dyer. We wish Baba great success in his future ventures.

I am delighted to announce that our accomplished international publisher Rhona Murphy will be returning to New York as interim CEO, supported by CFO Gary Starr, CAO and GC Randy Shapiro, president Rob Gregory and Andrew Perlmutter, who will assume the role of general manager of business operations and development.

The Daily Beast has had a spectacular spell of growth, topping 16.6 million unique visitors in May on the heels of our second Webby win for Best News site, and we are up 30% in ad sales. The new digital edition of Newsweek continues to be received very favorably - kudos to all of you for your continued efforts at putting out a first-rate magazine week after week. And this is a good moment to share the news that our social media community has passed the 4 million mark for the first time, indicative of how invested our readers continue to be in our content.

Onward and upward!

Best,

Tina

(kgt)NY

#<630990.1895494.3.4.1.0.76>#

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