Tina Brown, one of the world's best-known magazine editors, is leaving the world of publishing. Brown announced on Wednesday she would step down as editor-in-chief of the website The Daily Beast and start her own conference company. The departure will end, for now, a magazine career that received much acclaim for her stewardship of Vanity Fair and The New Yorker , but less so for Talk magazine and the merger of The Daily Beast and Newsweek . It will also end her publishing partnership with her financial backer, Barry Diller, the chairman of IAC/InterActiveCorp, which began in 2008 when they founded The Daily Beast. Brown, 59, said in a statement she would start Tina Brown Live Media, which will focus on building up the Women in the World conferences she has been organising for several years. At a meeting with the Daily Beast staff, Brown said she would remain until the end of the year, when her contract expires. "It has been wonderful to grow the Women in the World summit into such a powerful, independent brand within The Daily Beast, and now it will be even more exciting to see how it can expand and develop," Brown said in the statement. An executive with direct knowledge of the negotiations said Brown's split with Diller was friendly and that she had been saying for more than a month she did not want to continue in such a stressful position. It is unclear what Brown's departure means for The Daily Beast. The website has lost millions of dollars since its inception, although Brown had projected it would break even long before now. The executive, speaking on condition of anonymity, said it was unlikely the website would be closed. Brown said The Daily Beast "has given me some of the most exciting and fulfilling years of my professional life," adding that she was "enormously proud" of what the website had achieved. Brown and Diller expressed great enthusiasm when they launched The Daily Beast. But their relationship was put to the test in 2010 when Brown persuaded Diller to help support the ailing Newsweek magazine and merge it with the website. Brown's best efforts to save Newsweek were scuppered by the struggling market for newsmagazines, and Newsweek lost tens of millions of dollars. Diller complained publicly for months about his frustrations with Newsweek and referred to the acquisition of it as a "mistake". Late last year, Brown announced that Newsweek would cease publishing a print edition. Last month Newsweek was sold to the digital news company International Business Times. Although Brown drew praise from many current and former employees, she had her share of critics as she tried to steer Newsweek through a turbulent time in the media industry. Dan Lyons, Newsweek's former technology editor, wrote on Facebook on Wednesday: "At rows of desks, reporters and editors pretend to stare at screens, while fighting the urge to jump and start dancing and cheering."