Is HSN On The Block?

Diller_8.13.jpgThwarted by the debt market crisis, all eyes are on the highly acquisitive Barry Diller. CNN Money‘s Paul R. La Monica asks today whether investors are tired of the IAC Chairman, who last year was the highest paid CEO in America, and this year is collaborating with Frank Gehry on a nine-story glass and concrete building on the west side.

There has been some speculation that Diller might sell the Home Shopping Network — described sometimes as profitable but unglamorous — to Liberty Media so that IAC might become a smaller but potentially more profitable company. The profitable but unglamorous HSN was lighter on the profit this last quarter, where revenues fell one percent.

Clearly HSN still holds some romance for Diller and his wife, Diane Von Furstenberg. This, from June’s 60 Minutes profile: “Diller decided to buy QVC. The move surprised a lot of people. ‘They said I’d lost my mind.’ Diller had traded the glamorous life in Hollywood for running a cable channel in West Chester, Pa.” Diller eventually left QVC and bought competitor, HSN.

At a conference call at the end of July, Diller didn’t rule out an asset swap with Liberty Media in the future.

Ron Mwangaguhunga