Investors will get a chance this week to survey Barry Diller's radically remade online-services landscape.

When the New York wheeler-dealer moved earlier this year to split up his Internet assets, he argued that the move would afford a better view of his businesses, which range from dating Web sites to the Home Shopping Network. This week, Wall Street gets its first opportunity to judge if they like what they see from IAC/InterActiveCorp ( IACI) and Expedia ( EXPE).

IAC, parent of Web sites such as LendingTree and TicketMaster, is due to report early Tuesday. Analysts expect it to make 26 cents a share on revenue of $1.5 billion, according to Thomson Financial. Expedia, set to report Thursday, is expected to earn 31 cents a share on sales of $571 million.

Diller has built up an Internet empire through acquisitions including July's $1.9 billion purchase of the search engine Ask Jeeves. He earns plaudits from investors such as Larry Haverty of Gabelli Asset Management for keeping the management teams of his acquired companies intact. But that doesn't mean the IAC story has gotten much simpler.

"Even after the splitoff, it remains a complicated company," says Haverty, whose firm owns IAC shares among its $28 billion in assets under management, in an interview. Still, he adds, "This is a much better collection of assets than the market gives it credit for."

For some investors such as Darren Chervitz, the director of research for Jacob Asset Management, the diversity of IAC's businesses is one of the company's weaknesses, particularly following the Expedia spinoff. His firm owns both companies and shares of TheStreet.com ( TSCM), publisher of this Web site.

"To me, I am looking at a retail company with a bunch of disparate properties, some of which are older, more mature business, some of which are newer, more exciting ones," he said. "I don't see how that one transaction did anything to simplify the story. If anything, it made IACI a less attractive investment vehicle."

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