The headlines being generated from the ongoing battle for control of IAC/InterActiveCorp between John Malone and Barry Diller took a backseat—briefly--yesterday as the company announced horrific fourth quarter numbers, taking a loss of nearly $370 million after being sideswiped by the subprime mortgage meltdown through its ownership of LendingTree, reports the Wall Street Journal.
IAC said LendingTree lost $502.7 million last quarter; it earned $14.1 million a year ago. Diller, chairman of IAC, wants to spin off LendingTree, the Home Shopping Network, Ticketmaster and Interval International. The breakup is a major bone of contention between Diller and Malone, who heads Liberty Mutual Corp, a majority shareholder in IAC. IAC stock fell 7% yesterday.