IAC spinoffs begin early trading tomorrow
Common stock in five companies formerly under the IAC (InterActive Corp.) banner, owners of Ask.com and Match.com, will begin "when-issued" trading on the open market tomorrow under five new stock symbols.
This is the realization of an announcement by the holding company made in November 2007, when it made public its intent to spin off its properties Home Shopping Network (HSN). Ticketmaster, Interval Leisure Group (a real estate and timeshare company), and Lending Tree.
Following that announcement, IAC looked to be grooming search engine provider Ask.com for the position of paramount importance among its properties. The CEO of IAC, Scott Garrell, moved into the position of President at Ask.com, while the CEO position was assumed by Match.com's Jim Safka.
The "New IAC" includes Ask.com, Match.com, Citysearch, Shoebuy.com, ServiceMagic, Evite, Gifts.com, Pronto, CollegeHumor, Zwinky, GarageGames, and RushmoreDrive.
The LendingTree spinoff includes RealEstate.com, Domania, and iNest; the Home Shopping Network spinoff will include Cornerstone Brands, Smith+Noble, Ballard Designs, and Travelsmith.
Interval Leisure Group includes CondoDirect and VacationSource, and Ticketmaster's spinoff includes TicketsNow, GetMeIn, Paciolan, Ticnet, and LiveDaily.
"When-Issued" status is a condition on securities authorized for purchase but not yet issued, but the spinoffs become official on August 21, and regular trading begins.