Monday, January 18, 2021

DILLER WRITES OFF, THEN WRITES DOWN AEREO

July 31, 2014 by · Leave a Comment 

When the U.S. Supreme Court ruled against Aereo last month, Barry Diller, whose IAC company was its chief backer, indicated that he would not fight the battle to keep it alive any further. "It’s not a big [financial] loss for us," he remarked at the time. In its latest quarterly filing with the SEC, the company did not indicate precisely how big a loss it actually was but said that it took a $66.6-million charge for write-downs. IAC’s CFO Jeff Kip later indicated that those write-downs were for investments in five companies and that Aereo represented the largest of the five. The writedown contributed to an $18 million second-quarter loss for IAC — its first quarterly loss since 2010. That compared with a profit of $58.3 million during the same quarter a year ago.