IAC: We Paid Way Too Much For catalogue Company Cornerstone

Barry Diller’s soon-to-be-split-up IAC (IACI) says it is going to record a $300 million goodwill impairment for Cornerstone Brands, a collection of home product and apparel catalogues and Web sites. In English, that it means that it’s acknowledging it paid nearly 2x too much for the company when it bought it for $720 million in 2005.

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