Diller's IAC may sell HSN

An analyst's note from investment bank Stifel, Nicolaus & Co. suggests that Barry Diller's IAC/InterActive Corp. may sell Home Shopping Network to John Malone's Liberty Media Corp., in a deal that would finally free IAC of its last old-media vestiges, according to a post on Barron's Tech Trader Daily.

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IAC's retail operations accounted for about half of its $1.595 billion in revenue last quarter, but it was only 43% of operating profit.

Such a transformative deal is not out of character for Diller. After all, he pulled a similar move during the dot-com era selling USA Networks and other cable TV properties and going long on Internet businesses. Plus, a HSN sale to Liberty in exchange for Liberty's 19% stake in IAC has the added advantage of freeing Diller from Malone.

However, the reorganized IAC would be much smaller than rivals AOL LLC, Google Inc., MSN and Yahoo! Inc. Of course, an HSN sale could in turn lead to a new spate of deals for Diller. After all, McClatchy Co. is dangling its CareerBuilder stake for potential buyers, and IAC seems like an ideal candidate to take the bait. —Matthew Wurtzel

See post from Barron's Tech Trader Daily
See post about McClatchy from Dealscape

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