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IAC: We Paid Way Too Much For Catalog Company Cornerstone

Barry Diller 1.jpgBarry 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 catalogs 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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