NEW YORK, Aug. 21 /PRNewswire-FirstCall/ -- IAC (Nasdaq: IACI) announced
today that it has completed the spin-offs of HSN, Inc. ("HSNi"), Interval
Leisure Group, Inc. ("ILG"), Ticketmaster and Tree.com, Inc. ("Tree.com") to
IAC shareholders. For every one share of IAC common stock held on August 11,
2008, the record date for the spin-off, or bought in the due bill period,
holders received one-fifth of a share of common stock of each of HSNi, ILG and
Ticketmaster, and one-thirtieth of a share of common stock of Tree.com.
Immediately following the spin-off on August 20, 2008, IAC also effected a
one-for-two reverse stock split.
Today, HSNi, ILG, Ticketmaster and Tree.com will begin trading regular way
as independent publicly traded companies on the Nasdaq National Market under
the following symbols: "HSNI," "IILG," "TKTM" and "TREE," respectively. Until
September 19, 2008, shares of IAC common stock will trade under the symbol
"IACID" in accordance with Nasdaq rules, after which trading under its current
symbol, "IACI," will resume.
"Armed with outstanding management teams, appropriate capital structures
and their own currencies, HSNi, Ticketmaster, Interval and Tree.com are now
ready for independent futures ... while the Internet businesses that make up
new IAC can operate with a collective purpose and common goals," said Barry
Diller, Chairman and CEO of IAC. "The work is done and our focus now is
moving forward."
As a result of the spins and reverse stock split, IAC's publicly traded
warrants were adjusted in accordance with the respective warrant agreements.
Following the adjustments, each warrant trading on the Nasdaq National Market
under the ticker symbol "IACIW" will entitle its holder to purchase 0.568454
shares of IAC common stock at an exercise price of $19.49 per warrant and each
warrant that trades on the Nasdaq National Market under the ticker symbol
"IACIZ" will entitle its holder to purchase 1.102090 shares of IAC common
stock at an exercise price of $14.44 per warrant. With respect to warrants
that are not publicly traded, IAC will provide to holders of those securities
written notice of applicable adjustments.
About IAC
IAC operates more than 35 leading and diversified Internet businesses
across 37 countries... our mission is to harness the power of interactivity to
make daily life easier and more productive for people all over the world. To
view a full list of the companies of IAC please visit our website at
http://iac.com.
About HSN, Inc.
HSNi owns and operates, through its subsidiaries, HSN, a retailer and
interactive lifestyle network offering a broad assortment of products through
television home shopping programming on the HSN television network and
HSN.com. HSN strives to transform the shopping experience by incorporating
experts, entertainment, inspiration, solutions, tips and ideas in connection
with the sale of products through the HSN television network and HSN.com. HSNi
also owns and operates, through its subsidiaries, the Cornerstone Brands
portfolio of catalogs and related websites, including Frontgate, Ballard
Designs, Garnet Hill, Smith+Noble, The Territory Ahead, TravelSmith and
Improvements, as well as a limited number of retail stores.
About Interval Leisure Group, Inc.
ILG is a leading provider of membership services to the vacation ownership
industry. ILG's principal business segment, Interval, makes available vacation
ownership membership services to the individual members of its exchange
networks, as well as related services to developers of the resorts
participating in its exchange networks worldwide. As of December 31, 2007,
more than 2,400 resorts located in more than 75 countries participated in
Interval's primary exchange network, the Interval Network, and nearly two
million owners of vacation interests were enrolled as members of the Interval
Network. For the fiscal year ending December 31, 2007, Interval represented
approximately 88% of ILG's consolidated revenues. ILG's other business
segment, RQH, was acquired in May 2007 and is a provider of vacation rental
and property management services to vacationers and vacation property owners
across Hawaii. As of December 31, 2007, RQH provided property management
services to 26 resorts and hotels, as well as other more limited management
services to an additional 23 properties.
About Ticketmaster
As the world's leading live entertainment ticketing and marketing company,
Ticketmaster connects the world to live entertainment. Ticketmaster currently
operates in 20 countries worldwide, providing ticket sales, ticket resale
services, marketing and distribution through www.ticketmaster.com, one of the
largest e-commerce sites on the Internet, and related proprietary Internet and
mobile channels, approximately 6,700 independent sales outlets and 19 call
centers worldwide. Established in 1976, Ticketmaster served more than 10,000
clients worldwide in 2007 across multiple live event categories, providing
exclusive ticketing services for leading arenas, stadiums, amphitheaters,
music clubs, concert promoters, professional sports franchises and leagues,
college sports teams, performing arts venues, museums and theaters.
Ticketmaster's distribution channels and client base provide it with
significant scale-for example, in 2007, Ticketmaster brands and businesses
sold approximately 141 million tickets valued at over $8.3 billion.
About Tree.com, Inc.
Through its various subsidiaries, Tree.com currently operates a lending
business (the ''Lending Business'') and a real estate business (the ''Real
Estate Business''). The Lending Business consists of online networks,
principally LendingTree.com and GetSmart.com, as well as call centers, which
match consumers with lenders and loan brokers. In addition, the Lending
Business originates, processes, approves and funds various types of
residential real estate loans under two brand names, LendingTree Loans(R) and
HomeLoanCenter.com(R), and offers residential mortgage loan settlement
services under the name LendingTree Settlement Services. The Real Estate
Business consists primarily of an internetenabled national residential real
estate brokerage that currently operates offices in 14 markets under the brand
name "RealEstate.com, REALTORS." The Real Estate Business also consists of a
brokerage that matches residential home buyers interested in newly constructed
homes with builders and currently operates under the brand name "iNest(R)."
