Barry Diller is making good on his promise to start selling parts of IAC's "emerging business" segment as community sports site operator The Active Network has acquired ReserveAmerica. IAC (NSDQ: IACI) will sell all its capital stock in campground reservations site ReserveAmerica Holdings, Ltd. to Active in exchange for roughly 3.5 million shares of Active convertible preferred stock. Together with equity previously acquired, IAC will own approximately 9 percent of The Active Network. The deal is expected to close next month.
Last August, Active Network received a huge $80 million sixth round funding led by ESPN (NYSE: DIS). The company intended to use the proceeds to support acquisitions. Even before that, the heavily capitalized sports company had done made a number of purchases, such as HY-TEK Sports Software in July. Release
By David Kaplan