Barry Diller stepped down as CEO of IAC today. The move comes as a surprise, Diller has been very active in IAC business in recent weeks, especially the Newsweek negotiations.

Diller will continue to be involved in major strategic decisions, but will step back from the day to day business. That work will be handled byGreg Blatt, current CEO of Match.com, who will take over as CEO of IAC.

Blatt has experience beyond dating advice. He has been with the company since 2003, and up until his move to Match.com last year, was part of the office of the chairman, a senior executive role that involved working closely with Diller.

This morning also brought the news that Liberty Media, IAC's largest shareholders, has bought out for $220 million in cash, reports The Social's Caroline McCarthy. It's a turning point for the company, giving Blatt more consolidated control over the sprawling portofilio of thirty plus companies under the IAC umbrella.

Diller, who made his fortune in the entertainment business, has struggled to reinvent himself as a digital media mogul. He will remain as chairman and senior executive of IAC, and will now havemore time for the lighter side of life.

bpopper [at] observer.com | @benpopper

See also -

Barry Diller is Confused About Ask.com

Who Killed Ask.com? (Pssst....Google)