With the recent downturn in real estate sales and mortgage loans, InterActiveCorp owner Barry Diller has decided to spin off the real estate group and 4 others from the parent company. I am not sure what the motivation of the move is, but I think that Diller is spinning out the properties and keeping the cash for new ventures.
What is interesting about the timing of the decision is that IAC has recently moved into their new corporate building on 18th Street in the Chelsea district of New York City.
Lending Tree will include RealEstate.com, Domania, GetSmart, Home Loan Center and iNest.
IAC itself will retain its current media and advertising sector businesses, which include Ask.com, Bloglines, Citysearch, CursorMania, IAC Advertising Solutions, Evite, Excite, iWon, My Fun Cards, May Way, Popular Screensavers, Smiley Central, Webfetti, and Zwinky, Match.com, ServiceMagic, Shoebuy.com, Entertainment Publications, and ReserveAmerical.
Other spinouts will combine IAC’s emerging businesses sector, HSN and its retailing sector, and its Ticketmaster sector. IAC will retain substantially all of the Company’s cash and the new companies will be appropriately capitalized. via TechJournal South
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