IAC Sells Consumer Promotions Unit Entertainment Publications Inc. To PE Firm; $135 Million Beneift
This story was written by Joseph Weisenthal.
Written from the lobby of IAC (NSDQ: IACI) headquarters IAC has announced the sale of Entertainment Publications Inc., a distributor of consumer savings coupon books to PE firm MH Equity. While the exact terms of the deal aren't being disclosed, the sale will yield $135 million, which includes tax benefits. The business includes the site Entertainment.com. As the company gets set to break into five units, the sale of the business will allow IAC to focus on its core interactive, non-transactional business, said CEO Barry Diller in a statement. Release.
By Joseph Weisenthal