IAC buys Cornerstone Brands for $720M

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IAC buys Cornerstone Brands
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Interactive Corp, owners of Home Shopping Network, Expedia and much more have bought Cornerstone Brands for $725 million.

IAC is buying Cornerstone, whose brands include the Frontgate, Ballard Designs and Garnet Hill catalogs and Web sites, from a group of private investors led by Madison Dearborn Partners and JPMorgan Partners.

"This arrangement enables us to immediately and significantly increase our position as one of the world's leading interactive retailers by expanding our presence across the multiple channels of catalog, TV and online," IAC Chief Financial Officer Thomas McInerney said in a statement.