IAC Statement on the Sale of VUE Securities
IAC/InterActiveCorp (NASDAQ: IACI) earlier announced that on Tuesday it completed a transaction with General Electric and Vivendi Universal in which it unwound its interest in VUE. The transaction results in after tax proceeds to IAC that, by any measure, exceed the Company's publicly stated valuation of the VUE securities. After paying applicable taxes on the transaction, IAC will have netted approximately $1 billion in cash, repurchased 56.6 million IAC shares, and obtained approximately $100 million in advertising across NBC-Universal's various networks over the next three years. The transaction will result in a GAAP after-tax gain of approximately $330 million. Pro forma for this transaction, the acquisitions of Cornerstone Brands and Ask Jeeves, the sale of Euvia and the share repurchases made during the second quarter, IAC's cash and marketable securities position as of March 31, 2005 would have been approximately $3.7 billion.
IAC operates leading and diversified businesses in sectors being transformed by the internet, online and offline ... our mission is to harness the power of interactivity to make daily life easier and more productive for people all over the world. To view a full list of the companies of IAC please visit our website at http://iac.com/ .
Contacts: IAC Corporate Communications Deborah Roth (212) 314-7254 IAC Investor Relations Roger Clark (212) 314-7400
CONTACT: Deborah Roth of IAC Corporate Communications, +1-212-314-7254,
or Roger Clark of IAC Investor Relations, +1-212-314-7400
Web site: http://www.iac.com/