At yesterday's exclusive, private Reuters summit (we were told it wasn't open to non-Reuters press, though we tried) IAC Interactive Corp.'s Barry Diller said he was close to announcing a new product.

"I actually think that there's going to be real opportunity in the conversion of print journalism to online, real opportunity, which I think very few people have attacked head on."

Diller also responded to New York Times op-ed columnist Nicholas Kristof's assertion that Diller "he may be the laziest man in America" for his $469 million compensation package.

The big paycheck covered 11 years and was from a single stock option grant from several companies he stitched together over time. "It's a lot of money ... but you have to put it in the context of that, rather than this bird-brainy idea" that it was an overnight windfall.

Kristof, meanwhile, called the Bush administration, in essence, bird brainy in its bashing of the press' Iraq coverage, and that the press has now been vindicated.