IAC Sells Off Its Japanese TV Channel Stake To Sumitomo For $493 Million
This story was written by Rafat Ali.
IAC (NSDQ: IACI), as part of the rationalization of its business, has sold off its 30 percent equity stake in Jupiter Shop Channel, a Japanese TV shopping company, to Sumitomo Corp for about $493 million. The company had previously mentioned its intent to sell off the business. Last year, John Malone's Liberty Global sold its indirect stake in Jupiter to Sumitomo for about $860 million as part of a broader transaction. Jupiter was established in 1996, and runs Shop Channel, the largest shopping TV channel in the country.More details in release.
Also, in related news, IAC has elected two new board members, David Rosenblatt and Alexander von Furstenberg. Rosenblatt is the former CEO of DoubleClick and is now the President of Global Display Advertising at Google (NSDQ: GOOG). His name has been mentioned in relation to the Yahoo (NSDQ: YHOO) CEO search. Also, von Furstenberg replaces his mother and Diller's wife Diane von Furstenberg on the IAC board..he rund Arrow Capital Management, a private investment firm.
By Rafat Ali