Rumor: Diller's IACI Bids for NYT's

A circulating rumor picked by by Reuters and Bloomberg claims that Barry Diller's IAC/InterActiveCorp (NASDAQ: IACI) has bid $300 million for, a search property owned by The New York Times Company (NYSE: NYT). It was reported a week ago that the firm which owns had offered $270 million for The offer lacked funding.

It would be hard to find a better home for than IACI. It already owns search property, which gathers a relatively small portion of U.S. online searches. has the potential to give Diller's search operations additional reach. IACI also has a large back-office and corporate staff which would likely allow expenses to be cut.

The current challenge with is that Google (NASDAQ: GOOG) cut the site's page rank two years ago because of the search sites aggregation methods. That has caused a sharp slide in revenue and operating profit.  That problem likely cannot be reversed.

Douglas A. McIntyre

Filed under: 24/7 Wall St. Wire, Mergers & Acquisitions Tagged: featured, GOOG, IACI, NYT
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