Barry Diller's IAC Reports Strong Growth in First-Quarter Financials

20. Barry Diller
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Chairman of IAC

The former studio mogul has moved into content 2.0-style via and Ben Silverman's multimedia studio Electus. The College Humor Show made it to MTV a couple of years ago, and Electus recently sold, among other things, Fashion Star to NBC. Diller also got fellow mogul John Malone to exchange his stake in IAC for two online businesses and cash and named former boss Greg Blatt CEO of IAC.

The operator of more than 50 Web sites posted profits that beat Wall Street expectations.

NEW YORK - Internet firm IAC posted strong first-quarter financials that beat analyst expectations and reflected healthy profits boosted by its search and dating segments.

The company, led by chairman Barry Diller, reported quarterly net income of $34.5 million, up 91 percent from the same period the previous year, and revenue of $640.6 million, up 39 percent.

IAC's search businesses, including and Mindspark, fueled much of the growth with reported revenue of $343 million, up 47 percent. The company also got solid performance from its dating sites including and OKCupid with $36 million in revenue, a 44 percent growth.

The compay's media sector, which saw $46.1 million in revenue, up only 4 percent, and operating losses of $8.4 million had mixed results.

IAC reported a loss for Newsweek/The Daily Beast and increased expenses for sites CollegeHumor and Vimeo. The company has also been caught up in controversy over investments made in Aereo, an upstart TV streaming company that is currently being sued by the major TV broadcasters.

Overall, some analysts say they are bumping up 2012 estimates for the company based on the results. IAC's share price is up 35 percent in the past year and the company has also begun a program to repurchase some 15 million shares from investors.