Interviewing IAC chief and media mogul Barry Diller nearly always means that you'll get more quotable quotes than you can stuff into one article. He didn't disappoint at this year's Reuters Global Media Summit on Wednesday. Here are thoughts from Diller on a range of subjects from mergers and acquisitions and Comcast to AOL, MGM and marriage.
Q: What are you going to do with the cash on the balance sheet? What's the focus? Are you still being cautious?
A: "I'd say we still are. It's definitely a looming problem. The only thing worse than spending cash stupidly is essentially not to put it down at all, not to do anything."
Q: What would be the right opportunity to buy something?
A: "There's no road map here. Anything of size, let's call it $1 billion plus, is known. ... Of the potential availables, nothing seems smart right now."
Q: What about AOL?
A: "Steve Case came to me ... and offered us AOL. In 1992 or 1993, Paul Allen was selling his stake, which was about 25 percent of the company. We were very fresh into buying QVC and overly cautious and missed the opportunity; opportunity since then I'm kind of glad I missed."