IAC/InterActive Corp. (NASDAQ:IACI) and Expedia (NASDAQ:EXPE) chairman Barry Diller isn’t concerned about an ongoing market selloff in China, the media mogul said Wednesday.
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Diller was present at the Allen & Company Sun Valley Conference in Idaho, an annual gathering of notable figures in the media industry.
Speaking to reporters in Sun Valley, Diller was asked if he is concerned about China’s economy. “No. Must I be?” Diller responded. “Listen, markets go up and down. [The] Chinese have a lot of production that they make, so I am not worried. Anyway, what do I know, it's too early.”
The Shanghai Composite index closed 5.9% lower Wednesday and is down over 32% since its peak in June.
Diller’s IAC owns a large portfolio of digital properties, including search website Ask.com and dating service Tinder and Match.com. Diller recently announced plans to take Match.com public in an IPO set for later this year.
International markets accounted for 46% of Expedia’s gross bookings during the first quarter. Expedia, which was spun off from IAC in 2005, has a deal in place to acquire rival travel website Orbitz (NYSE:OWW).
Among the media heavyweights in Sun Valley this week are 21st Century Fox executive co-chairman Rupert Murdoch and his son, Lachlan, executive co-chairman as well as his son James Chief Executive Officer. (NASDAQ:FOXA). In addition, Walt Disney (NYSE:DIS) CEO Bob Iger and Facebook (NASDAQ:FB) COO Sheryl Sandberg are in attendance as well. 21st Century Fox is the parent company of FOXBusiness.com and the FOX Business Network.