US mogul Barry Diller steps down as CEO at IAC

MEDIA mogul Barry Diller stepped down as chief executive of Internet company InterActiveCorp (IAC) yesterday.

IAC, a wide collection of websites, said Diller will be replaced by Greg Blatt, the chief executive of IAC’s online dating site Match.com. However, Diller will remain as chairman of IAC.

Also, rival Liberty Media says it has exchanged its 60 per cent stake in IAC for the company’s Evite and Gifts.com businesses and around $220m in cash. The exchange was designed to be tax-free to both IAC and Liberty.

In a long career Diller ran Paramount Pictures and gave the green light to films Saturday Night Fever and Raiders of the Lost Ark.

He also set up Fox TV and commissioned The Simpsons.