Barry Diller's IAC Swings to Second-Quarter Loss
Barry Diller's IAC on Wednesday reported weaker second-quarter financials as its media assets invested more and the company's revenue was hurt by various factors, including the closure of the Newsweek print business and sale of its digital business.
The Internet company posted a loss of $18 million, compared with a year-ago profit of $58.3 million. Revenue dropped 5 percent to $756.3 million.
The company also detailed mixed financials for its media business, which includes content producers Electus, CollegeHumor and Notional, as well as online video platform Vimeo.
Second-quarter media revenue fell 36 percent to $36.7 million due to the Newsweek closure/sale and the timing of Electus projects. Vimeo posted strong revenue growth and higher investment, the firm said. The media unit's operating loss widened from $2.0 million to $9.8 million.