NEW YORK (CelebrityAccess MediaWire) — Ticketmaster is on track to be spun off from IAC/InteractiveCorp by early August at the latest and the firm will borrow a cool $750 million to pay out to its former parent IAC, the Wall Street Journal reported.
Still the world's largest retailer of concert tickets and sporting events. the firm will have a net debt of two times its annual profits after the spinoff is complete and would represent new debt, not a shuffling of existing IAC/Interactive debt.
Internet company IAC will retain control of their Ask.com search engine, as well as other holdings, including Match.com. Other properties such as Home Shopping Network and mortgage referral service LendingTree will also be spun off.
Investors remained finicky about the deal however and IAC shares fell but the drop was barely a spec against their 25% loss for the year. – CelebrityAccess Staff Writers