Barry Diller's IAC Reports Stronger Fourth-Quarter Results

Barry Diller

Chet Kanojia raised $20.5 million in seed investment, including millions from Barry Diller, who said that when he first heard Kanojia pitch Aereo, his team "spent a lot of time and a good amount of money trying to find, legally and technically, what was wrong with it."

After the consolidation of News_Beast, IAC's media unit revenues surges, but with a higher operating loss.

IAC on Wednesday reported that its revenue for 2012 grew 36 percent to be roughly the size of Belize's GDP, or $2.8 billion.

For the fourth financial quarter, the Barry Diller company registered revenues of $765.3 million, a 28 percent increase from the same period the previous year. According to the company, it represents the twelfth consecutive quarter of double-digit revenue growth.

Net income for IAC was $159 million for the year and just under $41 million for the last financial quarter. Both figures represented slight declines from 2011 as the company had restructuring and tax charges.

IAC's media unit, which includes News_Beast (Newsweek Daily Beast), multi-media production firm Electus and online video site Vimeo, reported the the company's biggest revenue gains as well as the company's largest operating losses. In the fourth financial quarter, the media unit had $57.8 million in revenue, compared to $18.4 million in the same quarter for 2011. It also had $24.6 million in operating losses, compared to a $5.7 million loss from twelve months earlier.

This was attributable to the inclusion of News_Beast following the acquisition of a controlling interest, said the company.

In early after-hours trading, IAC's stock was up about 1.5 percent to $43 a share.