IAC: Breaking Up May Be Hard to Do

Barry Diller will need to offer major concessions to John Malone, chairman of IAC's biggest shareholder, Liberty Media

It looked like a master stroke. IAC Interactive (IACI) Chief Executive Barry Diller announced that his collection of Internet companies will be separated into five public companies. Diller, long a Wall Street darling, hopes to use the deal to restore some of the luster lost by his business in a year of sliding shares. The tactic appeared to be working. IAC's stock price jumped 7.5%.

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