Hollywood didn’t work out the way Barry Diller wanted, so now he’s hitting cyberspace.
It’s granting him more power than a year ago and he isn’t as grumpy anymore.
And he’s getting closer to grasping his revised definition of the media empire of the next century.
Basically, Diller wants control of your eyeballs and all that you watch or purchase over any kind of TV monitor, whether cable TV or computer.
Diller, who turned 57 last week, lately had been loitering at the crossroads faced by all moguls-on-the-rise – “I’m not big enough yet, so where do I go from here?”
For a big shot, his own personal wealth pales compared to other moguls – about $52 million.
But his $22 billion deal yesterday to buy Lycos instantly gives him half of America’s web surfers, and is the latest triumph on Diller’s long comeback trail.
The onetime mailboy at the William Morris talent agency had, in two decades, climbed to the top in Hollywood twice and fell, only to claw his way back 031 . 0000.00to power.
What’s fueled his latest comeback more than anything else is his use of “Diller Dollars” as the currency to build his new universe.
This currency is basically stock in companies he’s pieced together from the culls of other media moguls, and hyped as tomorrow’s media hits. The companies include Ticketmaster (from Microsoft co-founder Paul Allen), Home Shopping Network (from TCI’s John Malone) and Universal Television (from Seagram’s Edgar Bronfman Jr.).
Diller’s knack for picking winning entertainment for the masses, however, added to the luster of his efforts and lured investors to his deals.
Two months ago, he took 031 . 0000.00his latest amalgamation public – Ticketmaster Online – for just $14 a share, raising $84 million. In weeks it jumped to 80 and helped provide the “Diller Dollars” for his acquisition of Lycos.
Before that, it was Home Shopping Network, which was pieced together with 13, low-power UHF TV stations in major cities, including two here.
Stock in that company helped him buy his way back into Hollywood a year ago, with the $4.1 billion purchase of Universal Television from Seagram’s Edgar Bronfman Jr. Diller paid for it with $1.2 in borrowed money and the rest was in Home Shopping stock, giving Bronfman 45 percent.
Some colleagues call Diller a workaholic. A bachelor, he isn’t known for any particular hobbies, favors black suits and frequently hits the party circuit to help his favorite charities.
In politics, he’s a liberal and had been helping raise money for Vice President Al Gore’s run at the White House.
Diller first made his name at Paramount Pictures in the 1970s and 1980s, where he produced hits such as “Raiders of the Lost Ark” and TV shows such as “Happy Days.”
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