Broadcasting & Cable reports media mogul Barry Diller has stepped down as CEO of IAC, the company behind Citysearch, The Daily Beast, Evite and Match.com.
According to B&C, Diller’s departure comes at the same time as John Malone‘s Liberty Media has decided to dump its entire equity stake in IAC in a deal that gives Liberty $220 million and assets including Evite and Gifts.com.
The new CEO at IAC is Greg Blatt, who comes from Match.com. Here are the official statements:
“It’s been clear to me for some time that this Company needs a full time aggressive and aspirational executive in the CEO role. While I’m not going anywhere, IAC, with its operating businesses growing, large cash resources and virtually no debt, needs the kind of leadership that Greg Blatt can bring it in order to continue to grow and thrive many years into the future,” said. Diller in a statement.
“These last 17 years of my association with John Malone and Liberty Media have been a great, and occasionally, wild ride. We began this grand tour of interactivity a few years before the internet became widely used, and we were able to create, acquire and build up substantial businesses over that time,” Diller added.
“The one constant throughout IAC’s history has been change,” said. Blatt, who joined IAC as general counsel five years ago from Marth Stewart Living Omnimedia. “While I expect that to continue, we intend for the same emphasis on consistent operating performance and disciplined deployment of capital that have defined our recent quarters to guide our decision-making and management as we grow IAC into the future. Our businesses are on solid footing, and our healthy balance sheet and strong operating cash flows put us in a great position to drive solid shareholder returns for the foreseeable future. I couldn’t be more excited about the new position and the opportunities in front of IAC.”
As for Liberty, Malone said that “our 17-year relationship with Barry has been very beneficial in creating value for our shareholders, and this transaction represents an efficient exit for Liberty from our IAC stake. We will continue to work together through Expedia and various other public vehicles created from our association.”
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