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IAC says to take impairment charges

Tue Jul 22, 2008 5:54pm EDT

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NEW YORK, July 22 (Reuters) - Internet conglomerate IAC/InterActiveCorp (IACI.O) said on Tuesday it plans to take impairment charges related to its upcoming spinoffs.

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IAC intends to take charges of about $100 million related to goodwill and intangible assets of its lending segment, and about $70 million related to the goodwill of its real estate segment.

The charges are in connection with its financial results for the six months ended June 30, it said in a U.S. securities filing.

The charges related to the profitability of the two segments in light of persistent adverse mortgage and real estate market conditions, IAC said.

IAC also plans to cut costs and take other actions that would reduce Ticketmaster's 2009 operating expenditures by an estimated $35 million. The changes would require some costs that would mostly impact its 2008 results, IAC said. (Reported by Robert MacMillan; editing by Jeffrey Benkoe)

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