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December 22, 2004
Wall Street approves of Expedia spin-off
Posted by Dominic Basulto
On news that IAC/InterActiveCorp was spinning off Expedia into a separate publicly-traded company, shares of IAC rose by as much as 11.7% in early trading on Tuesday -- a clear sign that Wall Street investors approve of the move. By the end of trading on Tuesday, IAC shares were 5.9% higher. By splitting the company in two, Barry Diller is essentially making the job of Wall Street analysts easier -- there will now be an online travel company comprising companies like Expedia.com, Hotels.com and Hotwire and an e-commerce company comprising businesses like Citysearch and Ticketmaster.
Oh, and don't miss the mention of Barry Diller in today's New York Times: "Wall Street is getting a version of Hokey Pokey Elmo, a chief executive who takes his subsidiaries in, then spins them back out."
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