Industry News

IAC: LendingTree losses justify spin-off projects banner year in 2008

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Big write-downs at LendingTree helped drive a $369.9 million fourth-quarter loss at parent company IAC/InterActiveCorp, which said the mix of good news and bad news among the dozens of businesses under its umbrella justifies a plan to reorganize IAC into five independent companies. Meanwhile, Bankrate Inc. said that although fourth-quarter results were hurt by a slow December, the company remained profitable, and acquisitions and a refinancing boom could help make 2008 the company's best year ever. IAC announced in November that it planned to reorganize into five independent, publicly traded companies (see Inman News story). While dozens of companies would remain part of IAC -- including, Citysearch, Excite, and IAC Advertising Solutions -- other IAC units would be spun off to four new umbrella companies: LendingTree, HSN home shopping network, Ticketmaster, and Interval International. LendingTree would include, Domania, GetSmart, Home Loan Center and...