IAC Finds a Match in People Media

SingleParentMeetCom.jpgIAC is looking for true love. The Barry Diller-led company’s Match.com unit acquired People Media—which owns 27 dating sites, including BlackPeopleMeet.com, LDSPlanet.com, SingleParentMeet.com and SeniorPeopleMeet.com—from private-equity firm American Capital and various investors for $80 million in cash, paidContent reported.

According to paidContent, People Media earned $11.6 million in 2008 before depreciation and amortization, while Match.com pulled in $9.9 million.

IAC chairman and CEO Barry Diller has said that he is willing to spend on the right properties, and the $80 million cash payment IAC shelled out for People Media barely dented the nearly $2 billion the company has on hand, according to paidContent.