Media mogul Barry Diller has stepped down from his role as CEO of the Internet company IAC/InterActiveCorp.

IAC said Thursday that Diller has been replaced as CEO by Greg Blatt, formerly the CEO of the online dating site Match.com.

Diller stays on as chairman of IAC.

In addition, Liberty Media Corp. says it has exchanged its 60 percent stake in IAC for the company's Evite and Gifts.com businesses and about $220 million in cash. The exchange was designed to be tax-free to both IAC and Liberty.

Diller also exchanged about 4.3 million IAC shares for an equal number of Liberty shares. He now owns about 34 percent of IAC shares, still the largest individual voting stake in the company.