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Article: Diller's IAC to Split Into 5 Units
- Article from:
- AP Online
- Article date:
- November 5, 2007
- Author:
CopyrightCopyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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IAC/InterActiveCorp, the Internet conglomerate run by Barry Diller, said Monday it will break itself into five publicly traded businesses _ an indication that the media mogul's plan to build a multimedia empire has failed.
The announcement drove IAC's shares up more than 7 percent, as Diller explained the split would mean the independent businesses would answer more directly to shareholders rather than being shielded by IAC.
"In a sense, I felt we were running a false game," Diller said as he made the announcement Monday, referring to IAC's current structure that dictates that it manage about 60 brands in a diverse array of businesses.
The New York-based ...