Diller plans Internet business breakup

IAC/InterActiveCorp, the Internet conglomerate run by media mogul Barry Diller, said Monday it will break itself into five businesses.

New York-based IAC said its HSN home shopping network, Ticketmaster ticketing service, Interval time-share business and LendingTree mortgage referral units would be spun off.

Its other assets — including the Ask.com search engine, Match.com, Evite, Citysearch and Excite — would remain as part of IAC, it said in a statement.

"We've been a complex enterprise almost from the very beginning 12 years ago, with hundreds of transactions over those years. And while we've created a lot of value, I've always believed our complexity and many mouthfuls of sentences to explain who we are and what our strategy is have hampered clarity and understanding with all our constituencies, particularly investors," Diller said in a statement.