Lucky IAC chairman Barry Diller. Unlike everyone else, he can blame a poor quarter on more than just the economy. There’s also IAC’s (IACI) messy corporate divorce, which finally completed last quarter.
The post spin-off IAC — made up of more than 35 companies — this morning reported $369.3 million third quarter revenues, up 10% from a year ago. Profits, however, disappeared as IAC reported a $14.8 million loss, blaming “charges, spin-off expenses and taxes related to discontinued operations.”
Slowed media and advertising spending didn’t help either, growing only 2% over last year’s third quarter, from $189.8 million to $193.3 million. IAC’s emerging businesses — including Tina Brown’s The Daily Beast and the College humour guys — cost the company $7.4 million, less than the $9.9 million loss they incurred last year.
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