IAC: Shareholder value or money pit?

IAC reported its first quarter earnings on Wednesday and it’s the usual mix of mental hurdles, GAAP reconciliations and imagining what it could be. The big question: Is IAC really worth your time? IAC, an Internet conglomerate that’s Barry Diller’s baby, is planning to break itself up into five chunks–a new IAC that will include Ask.com [...]

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