Barry Diller’s Internet company IAC, which includes the multimedia production studio Electus, has jumped 22 percent in revenue, reaching an $18.1 million first-quarter profit. IAC’s “media and other” segment also includes CollegeHumor, a stake in Newsweek Daily Beast and production firm Notional. The company also operates more than 50 Web sites. Along with Electus, it was these companies that helped grow IAC’s revenue 13 percent to $54.3 million.
The $18.1 million profit is especially notable when you compare it with IAC’s year-ago loss of $18.7 million. In an interview with the Hollywood Reporter, Diller said that he expects the value of a recent extension of a deal with Google to reach $5.5 billion, compared with the original revenue estimate of $3.5 billion. The extended deal with Google will run through March 21, 2016.
As for Newsweek Daily Beast, Diller said it’s too soon to tell about the possibility of future synergies, but that the Daily Beast does help to sell Newsweek’s print magazine. Diller was previously head of Paramount Pictures, Fox Broadcasting and USA Broadcasting. He started IAC in August 2008.
