I think the best description for this company is directly out of Google Finance:
"IAC InterActiveCorp operates diversified businesses in sectors being transformed by the Internet, online and offline. The Company operates a diversified portfolio of specialized and global brands, and enables billions of dollars of consumer-direct transactions for products and services via the Internet and telephone. IAC's businesses consist of Electronic Retailing, which includes HSN U.S. and HSN International; Ticketing, which includes Ticketmaster; Interval International; Personals, which includes Match.com; Ask Jeeves; Citysearch, Evite, Entertainment Publications and ServiceMagic (since September 2004); Financial Services and Real Estate, which includes LendingTree and its affiliated brands and businesses, and Teleservices, which includes Precision Response Corporation. In April 2005, the Company acquired Cornerstone Brands, Inc. and spun-off Expedia, Inc. In August 2006, the Company acquired a 51% stake in Connected Ventures, LLC, parent of comedy site CollegeHumor.com"
That's a lot of diversified businesses, but their "better" business segments are Internet-based. Meanwhile their non Internet-based business seems to be lagging, take for example their the weakness in their Home Furnishing sales, which will probably pull down their revenue growth for their Retailing arm.
IACI's ticketing business like Ticketmaster is going through strong growth, and probably they company's strongest business. IACI will be pushing this segment international with expected growth in volume and prices increases. Media & Advertising will add nicely to their Internet business. Ask Jeeves was leveraged nicely, and their new launched Ask City, a combination of services similar to CitySearch, TicketMaster, Evite and others, have been gaining popularity better than expected. Coming this year, they will also be adding to the list of Asks.dot.com with Ask News and Ask X, search sites with results to also include video and images. Google will pose a threat like they do with all Internet businesses.
This is an interesting company, with so many different segments, focus is difficult. I won't take a position with this one, because even though their Internet focus looks good, competition is stiff, and anything could happen on the Internet. Look how for possible diverstitures with their HSN, a move that may put the company back on a right track.