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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
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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.  

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 for Barry Diller's media and Internet empire and is located in Manhattan's Chelsea neighborhood.
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)
Barry Diller, head of IAC.
Barry Diller, head of IAC.   (Getty Images)
Barry Diller
Barry Diller   (Associated Press)
IAC/InterActiveCorp. CEO Barry Diller is interviewed in his office at the company headquarters in New York in this June 27, 2005 file photo. IAC/InterActiveCorp. own Citysearch and Ticketmaster.
IAC/InterActiveCorp. CEO Barry Diller is interviewed in his office at the company headquarters in New York in this June 27, 2005 file photo. IAC/InterActiveCorp. own Citysearch and Ticketmaster.   (Associated Press)
John C. Malone
John C. Malone   (Associated Press)
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earnings reports • John Malone • Barry Diller • online shopping • IAC/InterActiveCorp

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