IAC Readies Debt for Spinoffs
July 28, 2008,
IAC/Interactive Corp. has set up about $2 billion in debt issues to facilitate its planned breakup into five companies, including a standalone entity to be called HSN Inc.
The HSN bond offering, said IAC, is expected to close by August 1.
HSN Inc. will comprise the television and online direct-to-consumer retailer Home Shopping Network along with mail-order catalog specialist Cornerstone Brands. These two divisions of IAC had combined 2007 home textiles retail sales of $243 million, which would place them at No.20 in the HTT Top 50 Retailing Giants.
The other spinoff companies will be Ticketmaster, Interval Leisure Group, Lending Tree and IAC.
Related Content By Author
Vegas Performing with PureCare's Lonnie Scheps