IAC to sell in Japan, grow in China
Diller says IAC to sell Jupiter stake to SumitomoNEW YORK -- InterActiveCorp chairman and CEO Barry Diller on Wednesday said he expects to sell IAC's 30% stake in Japanese shopping network Jupiter Shop Channel to controlling shareholder Sumitomo over the next year.
Diller spoke at the 17th annual Goldman Sachs Communacopia conference in New York. Asked why a deal was slow to materialize Diller mentioned price considerations and the fact that Sumitomo doesn't necessarily have to buy the stake.
But Diller also provided a cultural reason. "Japanese companies don't act with particular swiftness," he said.
Last year, John Malone's Liberty Global sold its indirect stake in Jupiter to Sumitomo for about $860 million as part of a broader transaction.
Diller, asked about his interest in a further expansion in China, said some of the companies recently spun off from IAC are "very interested" in further moves. He particularly cited Expedia and Ticketmaster.
The newly focused IAC is in China with Match.com and is "beginning to develop things" and establish further services there, Diller said.
He also said IAC will develop more country-specific content in China over the longer-term, but didn't say what his near-term focus would be.