seattlepi.nwsource.com "IAC/InterActiveCorp, owner of Bellevue-based online travel agency Expedia Inc., will file documents with federal regulators next month providing details of its plan to spin off Expedia and 15 of its other travel-related companies, the firm said yesterday."
IAC proposes to rename its travel division Expedia Inc., move related operations to Bellevue, and make Expedia a publicly held company with control of 15 other of IAC's travel-related companies. Shareholder approval is yet to obtained.
The article gives financials: "IAC yesterday posted a fourth-quarter loss of $42.6 million, or a net loss of 7 cents per share, after writing down the value of some assets. Revenue from the travel businesses grew at the slowest pace in at least four quarters.
The quarter's loss compared with net income of $156 million, or 20 cents, a year earlier, New York-based IAC said in a statement. Sales fell 4.9 percent to $1.72 billion after a change in accounting for hotels.com sales. Allowing for the change, revenue would have risen 9 percent."
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