IAC chief Barry Diller going with Obama

Says any change from Bush administration 'for the better'

Complete 2008 election coverage

HONG KONG -- Barry Diller said Wednesday that he will vote for Barack Obama even though John McCain would be better for his business.

Speaking at the Cable & Satellite Broadcasting Association of Asia Convention, the InterActiveCorp. chairman and CEO said he considers the two candidates friends and has supported both campaigns because he believes a change from the current administration will be "only for the better."

"We've had a very long period of over-expansion, so contraction in that respect is healthy," Diller said of the shifting economic landscape. "Institutions now can move so much faster, so there has been a softer landing than other times."

Diller went on to say that he believes China will take the place of the U.S. as the world's biggest media market, and implied that he is looking for opportunities to expand his business into the region.

India, meanwhile, would be further down his priority list for InterActiveCorp. products such as the Home Shopping Network and Ask.com.

"The priority is China, Japan, Korea and probably India," he said.

The former chairman of Paramount and Fox also criticized the U.S. film industry for a lack of diversity.

"The American film business has become dull and overly fixated on blockbuster and tentpole movies," Diller said. He believes that the studios are more interested in generating ancillary revenue streams like merchandise and products rather than movies.