InterActiveCorp Sells ReserveAmerica To The Active Network
IAC/InterActiveCorp announced a deal to sell ReserveAmerica, an online camping reservationwebsite to another sports website called The Active Network for a stock deal. Active Network Inc. raised $80 million in funding this past August. In exchange for the site, InterActiveCorp received 3.5 million convertible preferred shares in The Active Network. InterActiveCorp now owns about 9% in the company. The deal will be wrapped up by the end of the month.
The $80 million in funding that The Active Network raised this past August was led by ESPN. The funding will be used to make strategic acquisitions.
ReserveAmerica was part of IAC’s “emerging-business” division. This division also includes sites like CollegeHumor, Busted Tees, RushmoreDrive, and TheDailyBeast. “We don’t think emerging businesses are the tomorrow of our business,” stated Barry Diller in a Q3 earnings call this past November. IAC will start selling more of their emerging businesses this December.
ReserveAmerica was founded in 1984. Seth Rosenberg is the President of the company and he will remain in his current position. ReserveAmerica has over 300,000 campsites in their database.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry