Barry Diller Steps Down as CEO of IAC, Liberty Buys Out

NEW YORK: Barry Diller is relinquishing his CEO post at the Internet company InterActiveCorp (IAC), as Liberty Media, one of the company’s largest shareholders, cashes out its stake.

Diller is being replaced by Greg Blatt, formerly the CEO of the dating website Match.com. Diller remains as chairman of IAC. He also will still own shares representing 34 percent of IAC’s voting rights, making his the largest individual voting stake in the company.

"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. "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."

This news comes as Liberty, run by John Malone, sold back its 60-percent interest in IAC in exchange for Evite and Gifts.com as well as $220 million in cash and stock.

"We are pleased to welcome Evite and Gifts.com to Liberty Interactive’s e-commerce companies," Malone said in a release. "These companies are established leaders and build on our strength in specialty commerce. 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."