View Filing Data

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	12 Months Ended
Dec. 31, 2010	Dec. 31, 2009
ASSETS
Cash and cash equivalents	$ 742,099	$ 1,245,997
Marketable securities	563,997	487,591
Accounts receivable, net of allowance of $8,848 and $10,515, respectively	119,581	93,474
Other current assets	118,308	172,987
Total current assets	1,543,985	2,000,049
Property and equipment, net	267,928	290,333
Goodwill	989,493	967,735
Intangible assets, net	245,044	260,932
Long-term investments	200,721	272,930
Other non-current assets	192,383	223,910
TOTAL ASSETS	3,439,554	4,015,889
LIABILITIES:
Accounts payable, trade	56,375	38,212
Deferred revenue	78,175	57,412
Accrued expenses and other current liabilities	222,323	194,653
Total current liabilities	356,873	290,277
Long-term debt	95,844	95,844
Income taxes payable	475,685	450,129
Other long-term liabilities	20,350	23,633
Redeemable noncontrolling interests	$ 59,869	$ 28,180
Commitments and contingencies
SHAREHOLDERS' EQUITY:
Additional paid-in capital	$ 11,428,749	$ 11,322,993
Accumulated deficit	(652,018)	(751,377)
Accumulated other comprehensive income	17,546	24,503
Treasury stock 153,663,130 and 117,883,689 shares, respectively	(8,363,586)	(7,468,532)
Total shareholders' equity	2,430,933	3,127,826
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	3,439,554	4,015,889
Common Stock
SHAREHOLDERS' EQUITY:
Common stock	226	223
Total shareholders' equity	226	223
Class B Convertible Common Stock
SHAREHOLDERS' EQUITY:
Common stock	16	16
Total shareholders' equity	$ 16	$ 16

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2010

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Consolidation and Accounting for Investments

The consolidated financial statements include the accounts of the Company, all entities that are wholly-owned by the Company and all entities in which the Company has a controlling financial interest, whether through voting interests or variable interests. The Company's consolidated financial statements include one variable interest entity, in which the Company has a controlling financial interest through voting rights and is also the primary beneficiary. Intercompany transactions and accounts have been eliminated.

Investments in entities in which the Company has the ability to exercise significant influence over the operating and financial matters of the investee, but does not own a controlling financial interest, are accounted for using the equity method. Investments in entities in which the Company does not have the ability to exercise significant influence over the operating and financial matters of the investee are accounted for using the cost method. The Company evaluates each cost and equity method investment for impairment on a quarterly basis and recognizes an impairment loss if a decline in value is determined to be other-than-temporary. Such impairment evaluations include, but are not limited to: the current business environment, including competition; going concern considerations such as financial condition and the rate at which the investee company utilizes cash and the i nvestee company's ability to obtain additional financing to achieve its business plan; the need for changes to the investee company's existing business model due to changing business environments and its ability to successfully implement necessary changes; and comparable valuations. If the Company has not identified events or changes in circumstances that may have a significant adverse effect on the fair value of a cost method investment, then the fair value of such cost method investment is not estimated, as it is impracticable to do so.

Accounting Estimates

Management of the Company is required to make certain estimates and assumptions during the preparation of the consolidated financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). These estimates and assumptions impact the reported amount of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. They also impact the reported amount of net earnings during any period. Actual results could differ from those estimates.

On an ongoing basis, the Company evaluates its estimates and judgments including those related to the fair values of marketable securities and other investments, goodwill and indefinite-lived intangible assets, the useful lives of definite-lived intangible assets and property and equipment, the carrying value of accounts receivable, including the determination of the allowances for doubtful accounts and other revenue related allowances, the reserves for income tax contingencies and the valuation allowances for deferred income tax assets and the fair value of stock-based awards, among others. The Company bases its estimates and judgments on historical experience, its forecasts and budgets and other factors that the Company considers relevant.

Revenue Recognition

The Company recognizes revenue when persuasive evidence of an arrangement exists, services are rendered or merchandise is delivered to customers, the fee or price charged is fixed or determinable and collectability is reasonably assured. Deferred revenue is recorded when payments are received in advance of the Company's rendering of services or delivery of merchandise.

Search

The Search segment's revenue consists primarily of advertising revenue which is generated primarily through the display of paid listings in response to search queries, as well as from advertisements appearing on its destination search websites and portals and certain third party websites and the syndication of search results generated by Ask-branded destination search websites. The Company obtains the substantial majority of its paid listings from third-party providers, primarily Google Inc. ("Google"). Paid listings are priced on a price per click and when the Company delivers a user's click to a paid listing supplied by Google, Google bills the advertiser and shares a portion of its resulting paid listing fee with the Company. The Company recognizes paid listing revenue from Google when it delivers the user's click. In cases where the user's click is generated by a third party site, the Company recognizes the amount due from Google as revenue and records the revenue share obligation to the third-party site as traffic acquisition costs.

CityGrid Media's revenue is primarily generated through the sale of local and national online advertising. There are several types of internet advertisements, and the way in which advertising revenue is earned varies among them. Depending upon the terms, revenue might be earned every time a user clicks on an ad, every time a graphic ad is displayed, or every time a user clicks-through on the ad and takes a specified action on the destination site.

Match

Subscription fee revenue is generated from customers who subscribe to online personals services on Match.com, Chemistry.com and Match's other personals websites. Subscription fee revenue is recognized over the terms of the applicable subscriptions, which primarily range from one to six months. Deferred revenue at Match totaled $57.4 million and $45.2 million at December 31, 2010 and 2009, respectively.

ServiceMagic

ServiceMagic's lead acceptance revenue is generated and recognized when an in-network home service professional is delivered a customer lead. ServiceMagic's activation revenue is generated through the enrollment and activation of a new home service professional. Activation revenue is initially deferred and recognized over 24 months. Prior to 2010, the period of recognition was 36 months. The change was based on an updated estimate of the economic life of an in-network home service professional. Deferred activation revenue totaled $5.0 million and $5.2 million at December 31, 2010 and 2009, respectively.

Media & Other

Shoebuy's revenue consists of merchandise sales, reduced by incentive discounts and sales returns, and is recognized when delivery to the customer has occurred. Delivery is considered to have occurred when the customer takes title and assumes the risks and rewards of ownership, which is on the date of shipment. Allowances for returned merchandise are based on historical experience. Shipping and handling fees billed to customers are recorded as revenue. The costs associated with shipping goods to customers are recorded as cost of revenue. Revenue of media businesses included in this segment is derived primarily from online advertising, media production and subscriptions. Online advertising revenue is recognized each time a graphic ad is displayed or over the period earned, media production revenue is recognized based on delivery and acceptance and subscription revenue is rec ognized ratably over the term of the subscription.

Cash and Cash Equivalents

Cash and cash equivalents include cash and short-term investments, with maturities of less than 91 days from the date of purchase. Domestically, short-term investments are primarily comprised of commercial paper rated A1/P1 or better, AAA rated treasury and government agency money market funds and treasury discount notes. Internationally, short-term investments are primarily comprised of AAA prime and government money market funds and time deposits.

Marketable Securities

The Company invests in certain marketable securities, which consist primarily of short-to-intermediate-term debt securities issued by the U.S. government, U.S. government agencies, states of the U.S. and subdivisions thereof and investment grade corporate issuers. The Company only invests in marketable securities with active secondary or resale markets to ensure portfolio liquidity and the ability to readily convert investments into cash to fund current operations, or satisfy other cash requirements as needed. From time to time, the Company may invest in marketable equity securities. It is not customary for the Company to make significant investments in equity securities as part of its marketable securities investment strategy. All marketable securities are classified as available-for-sale and are reported at fair value. The unrealized gains and losses on marketable securit ies, net of tax, are included in accumulated other comprehensive income as a separate component of shareholders' equity. The specific-identification method is used to determine the cost of a security sold or the amount of unrealized gains and losses reclassified from accumulated other comprehensive income into earnings.

The Company employs a methodology that considers available evidence in evaluating potential other-than-temporary impairments of its investments. Investments are considered to be impaired when a decline in fair value below the amortized cost basis is determined to be other-than-temporary. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the amortized cost basis, the financial condition and near-term prospects of the issuer, and whether it is not more likely than not that the Company will be required to sell the security before the recovery of the amortized cost basis, which may be maturity. If a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded in current earnings and a new cost basis in the investment is established.

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2010	Dec. 31, 2009
Statement
Accounts receivable, allowance (in dollars)	$ 8,848	$ 10,515
Treasury stock, shares	153,663,130	117,883,689
Common Stock
Statement
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares	1,600,000,000	1,600,000,000
Common stock, issued shares	225,873,751	222,657,925
Common stock, outstanding shares	84,078,621	108,131,736
Class B Convertible Common Stock
Statement
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares	400,000,000	400,000,000
Common stock, issued shares	16,157,499	16,157,499
Common stock, outstanding shares	4,289,499	12,799,999

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Statement
Revenue	$ 1,636,815	$ 1,346,695	$ 1,410,078
Costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)	593,816	429,849	456,950
Selling and marketing expense	492,206	463,439	444,571
General and administrative expense	316,500	282,393	346,623
Product development expense	65,097	57,843	63,817
Depreciation	63,897	61,391	67,716
Amortization of intangibles	27,472	157,031	43,053
Amortization of non-cash marketing		15,868	20,002
Goodwill impairment	28,032	916,868	11,600
Total costs and expenses	1,587,020	2,384,682	1,454,332
Operating income (loss)	49,795	(1,037,987)	(44,254)
Other income (expense):
Interest income	6,517	10,218	24,750
Interest expense	(5,404)	(5,823)	(32,363)
Equity in (losses) income of unconsolidated affiliates	(25,676)	(14,014)	16,640
Gain on sales of long-term investments	3,989	28,835	381,099
Other (expense) income, net	(6,535)	71,772	(234,632)
Total other (expense) income, net	(27,109)	90,988	155,494
Earnings (loss) from continuing operations before income taxes	22,686	(946,999)	111,240
Income tax (provision) benefit	(32,079)	(9,474)	30,695
(Loss) earnings from continuing operations	(9,393)	(956,473)	141,935
Gain on Liberty Exchange	140,768
Gain on sale of discontinued operations, net of tax			23,314
Loss from discontinued operations, net of tax	(37,023)	(23,439)	(329,410)
Net earnings (loss)	94,352	(979,912)	(164,161)
Net loss attributable to noncontrolling interests	5,007	1,090	7,960
Net earnings (loss) attributable to IAC shareholders	$ 99,359	$ (978,822)	$ (156,201)
Per share information attributable to IAC shareholders:
Basic (loss) earnings per share from continuing operations (in dollars per share)	$ (0.04)	$ (6.89)	$ 1.07
Diluted (loss) earnings per share from continuing operations (in dollars per share)	(0.04)	(6.89)	1.04
Basic earnings (loss) per share (in dollars per share)	0.93	(7.06)	(1.12)
Diluted earnings (loss) per share (in dollars per share)	$ 0.93	$ (7.06)	$ (1.08)
Non-cash compensation expense by function:
Total non-cash compensation expense	$ 84,280	$ 70,081	$ 85,773
Cost of revenue
Non-cash compensation expense by function:
Total non-cash compensation expense	4,510	3,137	3,831
Selling and marketing expense
Non-cash compensation expense by function:
Total non-cash compensation expense	4,228	3,191	4,432
General and administrative expense
Non-cash compensation expense by function:
Total non-cash compensation expense	69,082	58,905	70,943
Product development expense
Non-cash compensation expense by function:
Total non-cash compensation expense	$ 6,460	$ 4,848	$ 6,567

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Increase (Decrease) in Shareholders' Equity
Balance	$ 3,127,826	$ 4,427,536	$ 8,583,662
Comprehensive income (loss):
Net earnings (loss) attributable to IAC shareholders for the year	99,359	(978,822)	(156,201)
Change in foreign currency translation adjustment, net of tax (benefit) provision of $(8,608), $2,186, and $1,536 for the years ended 2008, 2009, and 2010, respectively	(4,237)	14,918	(42,962)
Change in net unrealized gains (losses) on available-for-sale securities, net of tax provision (benefit) of $29,208, $1,440, and $(1,555) for the years ended 2008, 2009, and 2010, respectively	(2,720)	7,405	42,795
Comprehensive income (loss)	92,402	(956,499)	(156,368)
Non-cash compensation expense	85,048	69,629	134,052
Issuance of common stock upon exercise of stock options, vesting of restricted stock units and other, net of withholding taxes	30,933	7,431	(20,228)
Income tax provision related to the exercise of stock options, vesting of restricted stock units and other	(12,237)	(11,737)	(12,225)
Redemption of preferred shares			(21)
Issuance of common stock upon the exercise of warrants		152,694
Issuance of common stock upon conversion of convertible notes			10,849
Purchase of treasury stock	(530,885)	(554,203)	(145,590)
Receipt of stock from Liberty Media Corporation	(364,169)
Fair value of redeemable noncontrolling interests adjustment	2,059	(1,033)	4,689
Settlement of vested stock-based awards denominated in subsidiaries' equity, net of tax	(44)	(10,044)
Spin-Off of HSNi, ILG, Ticketmaster and Tree.com to shareholders		4,052	(3,971,284)
Balance	2,430,933	3,127,826	$ 4,427,536
Preferred Stock
Increase (Decrease) in Shareholders' Equity
Balance (in shares)			1
Comprehensive income (loss):
Redemption of preferred shares (in shares)			(1)
Additional Paid-in Capital
Increase (Decrease) in Shareholders' Equity
Balance	11,322,993	11,112,014	$ 14,744,542
Comprehensive income (loss):
Non-cash compensation expense	85,048	69,629	134,052
Issuance of common stock upon exercise of stock options, vesting of restricted stock units and other, net of withholding taxes	30,930	7,430	(20,229)
Income tax provision related to the exercise of stock options, vesting of restricted stock units and other	(12,237)	(11,737)	(12,225)
Redemption of preferred shares			(21)
Issuance of common stock upon the exercise of warrants		152,682
Issuance of common stock upon conversion of convertible notes			10,849
Fair value of redeemable noncontrolling interests adjustment	2,059	(1,033)	4,689
Settlement of vested stock-based awards denominated in subsidiaries' equity, net of tax	(44)	(10,044)
Spin-Off of HSNi, ILG, Ticketmaster and Tree.com to shareholders		4,052	(3,749,643)
Balance	11,428,749	11,322,993	11,112,014
Retained Earnings
Increase (Decrease) in Shareholders' Equity
Balance	(751,377)	227,445	567,820
Comprehensive income (loss):
Net earnings (loss) attributable to IAC shareholders for the year	99,359	(978,822)	(156,201)
Spin-Off of HSNi, ILG, Ticketmaster and Tree.com to shareholders			(184,174)
Balance	(652,018)	(751,377)	227,445
Accum. Other Comp. Income
Increase (Decrease) in Shareholders' Equity
Balance	24,503	2,180	39,814
Comprehensive income (loss):
Change in foreign currency translation adjustment, net of tax (benefit) provision of $(8,608), $2,186, and $1,536 for the years ended 2008, 2009, and 2010, respectively	(4,237)	14,918	(42,962)
Change in net unrealized gains (losses) on available-for-sale securities, net of tax provision (benefit) of $29,208, $1,440, and $(1,555) for the years ended 2008, 2009, and 2010, respectively	(2,720)	7,405	42,795
Spin-Off of HSNi, ILG, Ticketmaster and Tree.com to shareholders			(37,467)
Balance	17,546	24,503	2,180
Treasury Stock
Increase (Decrease) in Shareholders' Equity
Balance	(7,468,532)	(6,914,329)	(6,768,739)
Comprehensive income (loss):
Purchase of treasury stock	(530,885)	(554,203)	(145,590)
Receipt of stock from Liberty Media Corporation	(364,169)
Balance	(8,363,586)	(7,468,532)	(6,914,329)
Comprehensive Income (Loss)
Comprehensive income (loss):
Net earnings (loss) attributable to IAC shareholders for the year	99,359	(978,822)	(156,201)
Change in foreign currency translation adjustment, net of tax (benefit) provision of $(8,608), $2,186, and $1,536 for the years ended 2008, 2009, and 2010, respectively	(4,237)	14,918	(42,962)
Change in net unrealized gains (losses) on available-for-sale securities, net of tax provision (benefit) of $29,208, $1,440, and $(1,555) for the years ended 2008, 2009, and 2010, respectively	(2,720)	7,405	42,795
Comprehensive income (loss)	92,402	(956,499)	(156,368)
Common Stock
Increase (Decrease) in Shareholders' Equity
Balance	$ 223	$ 210	$ 209
Balance (in shares)	222,658	210,217	208,539
Comprehensive income (loss):
Issuance of common stock upon exercise of stock options, vesting of restricted stock units and other, net of withholding taxes	$ 3	$ 1	$ 1
Issuance of common stock upon exercise of stock options, vesting of restricted stock units and other, net of withholding taxes (in shares)	2,864	834	1,446
Issuance of common stock upon the exercise of warrants		$ 12
Issuance of common stock upon the exercise of warrants (in shares)		11,607
Issuance of common stock upon conversion of convertible notes (in shares)			232
Settlement of vested stock-based awards denominated in subsidiaries' equity, net of tax (in shares)	352
Balance	$ 226	$ 223	$ 210
Balance (in shares)	225,874	222,658	210,217
Class B Convertible Common Stock
Increase (Decrease) in Shareholders' Equity
Balance	$ 16	$ 16	$ 16
Balance (in shares)	16,157	16,157	16,157
Comprehensive income (loss):
Balance	$ 16	$ 16	$ 16
Balance (in shares)	16,157	16,157	16,157

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Increase (Decrease) in Shareholders' Equity
Change in foreign currency translation adjustment, tax provision (benefit)	$ 1,536	$ 2,186	$ (8,608)
Change in net unrealized gains (losses) on available-for-sale securities, tax provision (benefit)	$ (1,555)	$ 1,440	$ 29,208

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Cash flows from operating activities attributable to continuing operations:
Net earnings (loss)	$ 94,352	$ (979,912)	$ (164,161)
Less: (earnings) loss from discontinued operations, net of tax	(103,745)	23,439	306,096
(Loss) earnings from continuing operations	(9,393)	(956,473)	141,935
Adjustments to reconcile (loss) earnings from continuing operations to net cash provided by operating activities attributable to continuing operations:
Depreciation	63,897	61,391	67,716
Amortization of intangibles	27,472	157,031	43,053
Amortization of non-cash marketing		15,868	20,002
Goodwill impairment	28,032	916,868	11,600
Impairment of long-term investments	7,844	4,936	180,021
Non-cash compensation expense	84,280	70,081	85,773
Deferred income taxes	(6,074)	27,707	(153,490)
Equity in losses (income) of unconsolidated affiliates	25,676	14,014	(16,640)
Gain on sale of Match Europe		(132,244)
Loss on extinguishment of Senior Notes			63,218
Gain on sales of long-term investments	(3,989)	(28,835)	(381,099)
Decrease (increase) in the fair value of the derivative asset related to Arcandor AG stock		58,097	(5,785)
Changes in current assets and liabilities:
Accounts receivable	(32,901)	(18,121)	5,625
Other current assets	(8,636)	6,458	(4,571)
Accounts payable and other current liabilities	54,188	18,825	(80,667)
Income taxes payable	76,749	109,009	121,238
Deferred revenue	19,653	14,238	6,463
Other, net	13,909	9,697	14,528
Net cash provided by operating activities attributable to continuing operations	340,707	348,547	118,920
Cash flows from investing activities attributable to continuing operations:
Acquisitions, net of cash acquired	(17,333)	(85,534)	(148,631)
Capital expenditures	(39,829)	(33,938)	(58,983)
Proceeds from sales and maturities of marketable debt securities	763,326	229,583	356,252
Purchases of marketable debt securities	(838,155)	(586,274)	(169,958)
Proceeds from sales of investments	5,324	64,046	549,305
Purchases of long-term investments	(2,283)	(6,482)	(67,936)
Dividend received from Meetic, an equity method investee	11,355
Proceeds from sale of discontinued operations			32,246
Net cash distribution from spun-off businesses			441,658
Other, net	(501)	(4,041)	42
Net cash (used in) provided by investing activities attributable to continuing operations	(118,096)	(422,640)	933,995
Cash flows from financing activities attributable to continuing operations:
Purchase of treasury stock	(539,598)	(545,489)	(145,590)
Issuance of common stock, net of withholding taxes	25,939	151,933	(10,564)
Excess tax benefits from stock-based awards	14,291	796	763
Settlement of vested stock-based awards denominated in a subsidiary's equity		(14,331)
Repurchase of Senior Notes			(519,944)
Liberty Exchange	(217,921)
Other, net	79	1,294	1,219
Net cash used in financing activities attributable to continuing operations	(717,210)	(405,797)	(674,116)
Total cash (used in) provided by continuing operations	(494,599)	(479,890)	378,799
Net cash (used in) provided by operating activities attributable to discontinued operations	(4,601)	(20,527)	255,145
Net cash used in investing activities attributable to discontinued operations	(2,944)	(3,965)	(501,701)
Net cash (used in) provided by financing activities attributable to discontinued operations		(216)	50,484
Total cash used in discontinued operations	(7,545)	(24,708)	(196,072)
Effect of exchange rate changes on cash and cash equivalents	(1,754)	5,601	(23,035)
Net (decrease) increase in cash and cash equivalents	(503,898)	(498,997)	159,692
Cash and cash equivalents at beginning of period	1,245,997	1,744,994	1,585,302
Cash and cash equivalents at end of period	$ 742,099	$ 1,245,997	$ 1,744,994

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 31, 2010
ORGANIZATION
ORGANIZATION	table style="font-size:10pt; font-family:'Times New Roman',times,serif;" tr td p style="FONT-FAMILY: times"font size="2"bNOTE 1#151;ORGANIZATION/b/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;IAC is a leading internet company with more than 50 brands serving consumer audiences across more than 30 countries... our mission is to harness the power of interactivity to make daily life easier and more productive for people all over the world. IAC includes the businesses comprising its Search segment; its Match and ServiceMagic segments; the businesses comprising its Medianbsp;amp; Other segment; as well as investments in unconsolidated affiliates. /font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;All references to "IAC," the "Company," "we," "our" or "us" in this report are to IAC/InterActiveCorp./font/p p style="FONT-FAMILY: times"font size="2"bSearch /b/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;Our Search segment consists of toolbars that we develop, market and distribute and destination search and other websites, including Ask.com and Dictionary.com, through which we primarily provide search, reference and content services, as well as CityGrid Media (formerly Citysearch), a media company that operates CityGrid, a leading local content and advertising network through which local business listings, advertising and content are distributed to publishers across web and mobile platforms. /font/p p style="FONT-FAMILY: times"font size="2"bMatch /b/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;Through the brands and businesses within our Match segment, we are a leading provider of subscription-based online personals services in the United States and various jurisdictions abroad. We provide these services through websites that we own and operate, as well as through our mobile applications. Through Match, we also own a 27% stake in Meeticnbsp;S.A. ("Meetic"), a European online dating company based in France. /font/p p style="FONT-FAMILY: times"font size="2"bServiceMagic /b/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;ServiceMagic is a leading online marketplace in the United States that connects consumers, by way of patented proprietary technologies, with home and other local service professionals, all of which are pre-screened and the majority of which are customer-rated. In addition, through ServiceMagic International we operate businesses in the local lead generation space in France and the United Kingdom./font/p p style="FONT-FAMILY: times"font size="2"bMedianbsp;amp; Other/b/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;Our Medianbsp;amp; Other segment consists primarily of Electus, The Daily Beast, Connected Ventures (which operates CollegeHumor Media, Notional and Busted Tees), Vimeo, Pronto, Shoebuy and Proust.com. /font/p p style="FONT-FAMILY: times"font size="2"bDiscontinued Operations/b/font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;On Decembernbsp;1, 2010, IAC exchanged (on a tax-free basis) the stock of a wholly-owned subsidiary that held our Evite, Gifts.com and IAC Advertising Solutions businesses and $217.9nbsp;million in cash for substantially all of Liberty Media Corporation's ("Liberty") equity stake in IAC (the "Liberty Exchange"). See Notenbsp;11 for additional information related to this exchange. In addition, during the fourth quarter of 2010, InstantAction ceased operations. Evite, Gifts.com and InstantAction were previously reported in IAC's Medianbsp;amp; Other segment. IAC Advertising Solutions was previously reported in IAC's Search segment through Decembernbsp;31, 2009 and IAC's Medianbsp;amp; Other segment for the year ended Decembernbsp;31, 2010. On Augustnbsp;20, 2008, IAC completed the Spin-Off of HSN,nbsp;Inc. ("HSNi"), Inter val Leisure Group,nbsp;Inc. ("ILG"), Ticketmaster Entertainment,nbsp;Inc. ("Ticketmaster") and Tree.com,nbsp;Inc. ("Tree.com") (collectively, the "Spincos") into separate independent publicly traded companies (collectively, the "Spin-Off"). During 2008, IAC also sold Entertainment Publications,nbsp;Inc. ("EPI"). See Notenbsp;15 for additional information related to discontinued operations. /font/p p style="FONT-FAMILY: times"font size="2"nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The notes accompanying these consolidated financial statements reflect our continuing operations and, unless otherwise noted, exclude information related to the discontinued operations. /font/p/td/tr/table