The upcoming IACI split

This is expected in the "2nd or 3rd quarter 2008" and the 5 companies post split will be:
IAC
- Media & Advertising: Ask.com, Bloglines, Citysearch, CursorMania, IAC Advertising Solutions, Evite, Excite, InsiderPages, iWon, My Fun Cards, My Way, Popular Screensavers, Smiley Central, Webfetti and Zwinky;
- Match.com, ServiceMagic, Shoebuy.com, Entertainment Publications and ReserveAmerica;
- Emerging Businesses: Black Web Enterprises, BustedTees, CollegeHumor, GarageGames, Gifts.com, Green.com, InstantAction, Primal Ventures, Pronto, Very Short List, Vimeo and 23/6; - Current investments in: Active.com, Brightcove, FiLife, Medem, MerchantCircle, OpenTable, Points.com and SHOP Channel.

HSN
- HSN TV, hsn.com, and the Cornerstone Brands, Inc. portfolio of catalogs, web sites
- Retail locations: Alsto’s, Ballard Designs, Frontgate, Garnet Hill, GrandinRoad, Improvements, Isabella Bird, Smith+Noble, The Territory Ahead and TravelSmith

Ticketmaster
- Admission.com, Biletix, Billetnet, BillettService, Cottonblend, Echomusic, Kartenhaus.de, Lippupalvelu, LiveDaily, TicketService, Tick Tack Ticket, TicketWeb and Ticnet.se
- Current investments in Frontline and iLike

Interval International
- CondoDirect, Resort Quest Hawaii and VacationSource.com

LendingTree - RealEstate.com, Domania, GetSmart, Home Loan Center and iNest

Other News - Google is the Sponsored listing provider for the next 5 years.

IACI pre-Split Financials
Market Cap: 8.3B
Trailing P/E: 36
Fwd. P/E (Dec 2008): 16
Revenue (ttm): $6.6B
Profit Margin: 3.7%
Current Ratio: 1.9
52 Week Range: $25.08 - $40.99
Revenue Growth: 2% (2007), 7% (2008, est.)
Earnings Growth: -5% (2007), 17% (2008, est.)

Summary

- IAC, particularly Ask.com is clearly the growth company, and the main reason for the split
- Emerging Businesses are tiny
- Ticketmaster may be a good investment as well
- 11% increase in worldwide ticket sales and 2% higher average revenue per ticket. Domestic revenue increased 5% primarily due to higher average revenue per ticket and increased ticket volume. International revenue grew 36%, or 28% excluding the effects of foreign exchange.

See my full presentation below: