The five units of IAC, the online conglomerate cobbled together by Chief Executive Barry Diller, will take their first step toward independence on Tuesday, the company announced.
Under a plan hatched by Diller to create a less opaque structure for shareholders, the core IAC Internet business plus Ticketmaster, home shopping business HSN, mortgage unit Tree.com and time-share company Interval Leisure Group will begin trading on the Nasdaq Stock Market on a “when-issued” basis on Tuesday.
Interim ticket symbols for the newly independent companies will be "IACIV," "TKTMV," “HSNIV,” "TREEV" and “IILGV.” The spin-offs are scheduled to be completed before the market opens August 21. On that day, the four spin-off units will drop the “V” suffix and trade as “HSNI,” “IILG,” “TKTM” and “TREE.”
Nasdaq rules, however, require core IAC to trade as “IACID” for 20 days after the spin-offs before regaining the “IACI” ticker symbol.
IAC’s online properties include search engine Ask.com, dating service Match.com and online invitation service Evite.