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Diller Drops Universal CEO/Co-Chair Post

Barry Diller has resigned as co-chairman/CEO of Vivendi Universal Entertainment to end investors' concerns about him also being head of USA Interactive. USA Interactive just unveiled plans to buy control of online service in a deal valued at $3.3 billion. Most of Diller's investments rest with USA Interactive where he is CEO/chairman. "My executive role was never intended to be permanent," Diller said in a statement. "Now that Vivendi Universal has begun a formal process and reviewing options for its entertainment assets, it is appropriate to step aside from any direct management responsibility. USA Interactive and I remain shareholders of Vivendi Universal Entertainment and we are all hopeful for a speedy resolution of its future."