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Diller to Break Up IAC

Excerpt: Barry Diller is breaking up his electronic-commerce empire, IAC/InterActiveCorp, splitting off its travel business into a new, publicly traded company called Expedia.

Barry Diller is breaking up his electronic-commerce empire, IAC/InterActiveCorp, splitting off its travel business into a new, publicly traded company called Expedia.

Under the plan, approved by IAC's board yesterday, the company will split itself into a pure online travel company and an electronic retail-and-services company known as IAC. The company announced the move today.

Expedia will include businesses such as Expedia, Hotels.com and Hotwire, a discount online travel company. Together the businesses currently account for about 30% of IAC's revenue and about 55% of its operating income. The new company would be one of the largest publicly traded online travel companies, as the Internet continues to transform how millions of consumers book their airplane tickets and hotel rooms.

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