Diller: IAC to Cut Cash Via Buybacks; Ask.com Not for Sale
IAC/Interactive (IACI) Chairman and CEO Barry Diller said the company in the next 12 months expects to get its cash position down to a “rationale amount,” but not via acquisitions. Rather, that would mostly be from buying back shares. Diller says he considers the cash an asset, and says they will continue to do small tuck-in acquisitions, but he says the company “should not sustain this [cash position] ever-lastingly.”
Diller made the remarks at the Goldman Sachs Technology and Internet Conference today in San Francisco.
Diller said IACI took a large cash position in the break up of the company into five public entities in anticipation of finding cheap companies to buy–but he says they didn’t find much to buy.