Several sources close to InterActiveCorp (IAC) have told CNET News.com that, contrary to rumors, the media conglomerate is not purchasing youth-oriented social-networking site MyYearbook. The rumor was originally reported by Valleywag on Wednesday.
The misconception arose, one source said, because MyYearbook was one of multiple start-ups that were invited to do "mock pitches" to IAC chairman and CEO Barry Diller as part of a session at this week's exclusive Quadrangle conference (hosted by the eponymous private equity firm) at the Pierre Hotel in Manhattan. Essentially, it was like moot court for entrepreneurs.
MyYearbook was founded by … Read more