Updated from 9:08 a.m. EDT
Barry Diller plans to split up his multifaceted Internet and media company
IAC said Monday it will divide itself into five separate publicly traded companies, a move that will allow shareholders to invest in distinct Internet business sectors rather than a sprawling conglomerate.
"One of the reasons we've stayed with some of our more transactional businesses is that we needed their earnings to allow us to invest in emerging Internet businesses," said Diller, IAC's chairman and CEO, in a statement. "Now that we have real scale in the pure Internet units, it makes nothing but sense to me to reorganize the whole."
The company will spin off its HSN retail-related business; ticket seller Ticketmaster; Interval International, owner of CondoDirect and VacationSource.com; and real estate concern LendingTree.
The remaining IAC will include the company's media and advertising businesses, such as Ask.com, Evite, Citysearch and Match.com.
Diller will continue as IAC's chairman and CEO, while the current CEOs of the other segments will retain their titles following the spinoffs.
The split is expected to be completed in the second or third quarters of 2008.
Shares of IAC recently were up $2.36, or 8%, to $31.98.