In an interview with The Wrap, Barry Diller revealed that as a result of buying out John Malone's Liberty stake in IAC, his personal and family holdings rise to 40 percent of the company, effectively turning IAC into a billion dollar family-owned company.
As part of the arrangement, Liberty will also get two IAC properties, Evite and Gifts.com. Diller and Malone will still share ownership of Expedia.com.
Diller stepped down from his position as CEO of IAC, and appointed in his place Greg Blatt, the former CEO of Match.com.
He told The Wrap that it was time to leave management and focus on growth.
"What I used to do was create value,” said Diller. “That’s how we built this business up from $47 million to $15 billion. I want to go back to do that.
