IAC enacts reverse stock split with spinoffs

IAC/InteractiveCorp, which finished its division into five publicly traded companies Thursday, also enacted a one-for-two reverse stock split.

The reverse split means that for every two shares of IAC held before the spinoffs, investors will now hold one share of IAC. Such moves raise a company's stock price but do not change its overall market value.

IAC also said that, as part of the division, for every share of IAC common stock held as of Aug. 11, shareholders received one-fifth of a share in home shopping network HSN Inc., time-share business Interval Leisure Group Inc. and ticketing service Ticketmaster Inc. They also got one-thirtieth of a share of lending and real estate business Tree.com.

HSN Inc., Interval, Ticketmaster and Tree.com Inc. were beginning regular trading Thursday under their own ticker symbols: "HSNI" for HSN, "IILG" for Interval, "TKTM" for Ticketmaster and "TREE" for Tree.com.

The company's remaining Internet properties, including search engine Ask.com, are staying under the IAC name and will trade as "IACID" until Sept. 19 due to Nasdaq rules. After that, IAC will regain its original "IACI" ticker symbol.

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