Tina Brown, editor of The Daily Beast, is leaving the Barry Diller’s IAC online media company, to launch her own company.

tina brownTina Brown Live Media is to be devoted to summits, salons and flash debates on the news,” according to Brown’s memo to staffers.

Her departure follows Diller’s decision not to renew his high-profile editor’s contract when it expires in January.

Buzzfeed, which broke the story, said Brown’s decision to bolt was a mutual one made with Diller.

Final details connected with Brown’s exit have not yet been ironed out.

The “Women of the World” conference series that Brown had been running could be part of her severance package.

Brown, who made her mark at Vanity Fair, also edited Tatler, The New Yorker, defunct Talk and Newsweek.

Brown said her plan to exit is “so very exciting for me.” She said her five-year tenure has “been a hell of fun ride.”