As the courts sort out a struggle for control of IAC and its planned five-piece breakup, the company has reshuffled its in-house dealmakers.

Shana Fisher, senior vice president strategy and mergers & acquisitions, will continue to oversee strategy and the launch of the company's Instant Action gaming platform. Her deal-making role, however, will be limited.

Joey Levin, senior vice president, M&A and finance, and Kara Nortman, vice president M&A, will share oversight over future deals, while Mr. Levin continues to have responsibility for financial planning within the company.

Spokeswoman Leslie Cafferty said the moves come in anticipation of the IAC's planned breakup into five publicly traded companies by the third quarter.

"Since we announced our intent to spin off our businesses in the fall, we're trying to streamline management because we'll be a smaller company," she said.

The terms of the breakup—and current management's control of the company—is far from clear.

Chief Executive Barry Diller's breakup plan calls for a core IAC, including Ask.com, to remain after the spin-off of the Ticketmaster, HSN home shopping network, LendingTree mortgage, and Interval International vacation timeshare units.

As part of the plan, Mr. Diller proposed to the IAC board that the five companies convert to a single-tier stock structure after the breakup. That move would halve Liberty Media's voting control from its current 62 percent to its 30 percent economic interest.

Liberty's 22.8 percent share of the Class A stock carries one vote per share, but it also owns Class B stock, with 10 votes per share, and preferred stock with two votes per share.

Matters are complicated by Mr. Diller's irrevocable proxy that authorizes him to vote Liberty shares.

The two sides have filed dueling lawsuits in Delaware Chancery Court with Liberty seeking to oust Mr. Diller and fellow board members Edgar Bronfman Jr., Victor Kaufman, Arthur Martinez, Steven Rattner, Alan Spoon, and Diane Von Furstenberg, Mr. Diller's wife.

IAC's Instant Action gaming service will be based on peer-to-peer technology developed by GarageGames. Ms. Fisher spearheaded IAC's majority-stake investment last year in the Oregon company whose online platform is designed to deliver console-style action and graphics through personal computer browsers.

On Wednesday, weak results from the LendingTree mortgage referral unit pushed IAC to $369.9 million fourth quarter loss.