$300 Million Goodwill Writedown At IAC's Cornerstone Unit
This story was written by Joseph Weisenthal.
This might bolster the claim that IAC (NSDQ: IACI) needs to break up to improve management focus in a filing the company says its Cornerstone Brands unit, a catalog distributor, will take a $300 million goodwill writedown. Cornerstone is part of HSNi, which will be its own freestanding company. The writedown is attributed to economic conditions exacerbated by "execution issues and turnover of management."
By Joseph Weisenthal