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NEW YORK IAC/InterActiveCorp, the Internet conglomerate run by Barry Diller, said Monday it would break itself into five publicly traded businesses—an indication that the media mogul’s plan to build a multimedia empire has failed.
The announcement drove IAC’s shares up more than 7 percent, as Diller explained the split would mean the independent businesses would answer more directly to shareholders rather than being shielded by IAC.
“In a sense, I felt we were running a false game,” Diller said as he made the announcement Monday, referring to IAC’s current structure that dictates that it manage about 60 brands in a diverse array of businesses.
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