IAC shareholders approve divestiture of Expedia

IAC/InterActiveCorp. stockholders overwhelmingly approved the spin-off of travel site Expedia Inc., the company reported today. IAC operates a number of retail Internet and TV-related companies, including web retailer and cataloger Cornerstone Brands, which it acquired in March. It also operates NSN, the Home Shopping Network.

Following the spin-off, IAC will no longer have any ownership interest in Expedia and Expedia will become an independent publicly traded company. Expedia will consist of IAC`s travel and travel-related businesses, including TripAdvisor.com.