IAC profits plunge

Drop due to $214 million hit from discount business

Shares of Barry Diller’s IAC/InterActiveCorp took a hit Tuesday as the company said fourth-quarter profit plunged 85% to $16.7 million.

In the variegated world of IAC, the dip came from a $214 million writedown on the company’s so-called discount biz, including entertainment coupon books.

The stock fell nearly 4% in early trading. It ended the day down 1.60% at $38.64.

Revenue rose in all divisions, up a total of 8% to $1.82 billion, IAC said. And excluding the charge, profits beat Wall Street’s expectations.

IAC’s diverse assets include HSN, Ticketmaster and a roster of online businesses such as Ask.com, CitySearch, Evite, Match.com, Gifts.com and Lending Tree.

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