August 21, 2008
IAC Completes Spin-Offs of HSN, Inc., Interval Leisure Group, Inc., Ticketmaster and Tree.Com, Inc.
NEW YORK, Aug. 21 /PRNewswire-FirstCall/ -- IAC 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.
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.
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 http://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)."
Contacts IAC Investor Relations: IAC Corporate Communications: Eoin Ryan/ Lisa Jaffa Stacy Simpson/ Leslie Cafferty (212) 314-7400 (212) 314-7470/ 7326
IAC Interactive Corp.
CONTACT: Eoin Ryan or Lisa Jaffa, IAC Investor Relations,+1-212-314-7400; Stacy Simpson, +1-212-314-7470, or Leslie Cafferty,+1-212-314-7326, both of IAC Corporate Communications
Web site: http://www.iac.com/http://www.hsn.com/http://www.ticketmaster.com/http://www.tree.com/