IAC Numbers Plummet; War for Control Drags On

Bad quarter adds to Diller v. Malone woes
By Jim O'Neill,  Newser User
Posted Feb 7, 2008 12:34 PM CST
Famed architect Frank Gehry's first New York building, the IAC Building, is shown March 26, 2007 in New York City. The building, still not totally completed, will serve as world headquarters headquarters...   (Getty Images)
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(Newser) – 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.