IAC's Barry Diller Steps Down as CEO

IAC/InteractiveCorp's (IACI) Barry Diller has stepped down as CEO as the Internet company announced it has bought out its major stockholder, John Malone's Liberty Media (LINTA).

Liberty has exchanged its entire equity stake in IAC -- approximately 12.8 million shares, or 60% voting power -- for $220 million in cash and the Evite and Gifts.com businesses. The transaction was completed on Dec. 1.

Greg Blatt, the 42-year-old CEO of IAC's Match.com, has taken over as CEO and joined IAC's board. Blatt joined IAC in 2003 as General Counsel and in February 2009 became CEO of Match.com.

"A Turning Point"

"It's been clear to me for some time that this company needs a full-time aggressive and aspirational executive in the CEO role," Diller said in a statement.

Diller has assumed the role of chairman and senior executive, and is now the company's largest owner with a 34% voting stake, the company said. This could rise to 41% if he exchanges up to 1.5 million common shares for Class B stock. In addition to Match.com, IAC's holdings include Ask.com, Dictionary.com, Excite, Vimeo and Citysearch among others.

Diller and Malone have been business partners since 1993. But in recent years Malone tried to break up IAC, Dow Jones writes. Diller added, "While I'll continue my association with Dr. Malone in Expedia, and as significant shareholders of the multiple spun-off companies, Liberty's exit from IAC is a turning point."

Shares of IAC were 2.3% higher in early trading.

Learn about investing from the comfort of your own home.

Portfolio Basics

Take the first steps to building your portfolio.

View Course »

Investment Strategies

Learn the strategies you need to build a winning portfolio

View Course »

Add a Comment

*0 / 3000 Character Maximum

1 Comment

Filter by:
dfwosdfqkoasd

Dear friends, do you want to have some different things? Whether you want to give your relatives and friends, take a few different exotic gifts? Whether you want to buy some cheap benefits of thing? So please, let us begin now! Click on our website ====== www.etradinglife.com ==== Will bring you different surprise ====== ( http://www.etradinglife.com )==== Sandal $32 christian louboutin $80 COACH_Necklace $27 handbag $33 AF tank woman $17 puma slipper woman $30 ╭⌒╭⌒ ★ ╮╭⌒╮~╭⌒ ☆ ╭⌒╮ ╭⌒ ★∴ ☆ ☆====== ( http://www.etradinglife.com )==== ╭⌒╮⌒╮★∵╭⌒ ★∴ ☆ ╱◥██◣ ☆ |田|田田│ ☆ ★ ╬╬╬╬╬╬╬╬╬╬

December 02 2010 at 5:12 PM Report abuse rate up rate down Reply