Barry Diller's IAC Posts Higher First-Quarter Financials
The Internet company's media operations tripled their revenue after the consolidation of NewsBeast, but brought in a wider operating loss.
Barry Diller's IAC late Tuesday reported higher first-quarter financials as its media assets posted mixed results.
The Internet company posted earnings of $53.6 million, up 56 percent from the year-ago period. Revenue rose 16 percent to $742.2 million.
The company also detailed mixed financials for its media business, which includes content producers Electus, CollegeHumor and Notional, online video platform Vimeo and the former Newsweek Daily Beast, which is now known as NewsBeast.
First-quarter media revenue roughly tripled from $15.9 million to $45.3 million.
But the media unit's operating loss expanded from $6.7 million to $8.8 million, reflecting the inclusion of NewsBeast, which the company consolidated in May 2012, IAC said.
"Media revenue increased due to strong growth from Electus and Vimeo, as well as the contribution from NewsBeast," the company said.
On Monday, Diller had said that two legal victories for Aereo would make it difficult for TV networks and studios to stop the digital TV service in the courts.
“We think the lawsuit is over, but what we think broadcasters are doing is saying this is a terrible threat and (they are trying to) get Congress to act," he told the Milken Global Conference in Beverly Hills. "I don’t think it will happen, but it's up for grabs.”
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