Earlier this week, MySpace CEO Chris DeWolfe said he thought the economic downturn would give his company the chance to acquire companies — and cheap. Today it was IAC (IACI) CEO Barry Diller’s turn to say the same thing.
Diller told Reuters Media Summit attendees that IAC would have $2.2 billion in cash by March, and it’s a good chance to add new properties to his empire.
Reuters: “This downturn is going to present opportunities if you’re in the position that we’re in,” he said, citing entertainment, media and search as areas of interest.
“In entertainment and media, I think there’s going to be a ‘cascade’ of acquisition opportunities,” he said, referring to his expectation that the downturn would worsen.
Diller said he would be interested in acquisitions in search, but not to acquire technology.
“The interest would be on audience, we would acquire audience absolutely. We would acquire vertical audiences as we acquired with Dictionary.com, Thesauraus.com,” he said.