UPDATE 1-IAC to reap over $1.5 bln from spinoffs

(Adds details on spin-off dividends)

NEW YORK, June 26 (Reuters) - Internet conglomerate IAC/InterActiveCorp (IACI.O) stands to reap more than $1.5 billion in dividends from three out of four business units it will spin off, according to a regulatory filing on Thursday.

The company run by Barry Diller is spinning off its HSN shopping network, Ticketmaster ticketing service, the Interval time-share exchange and LendingTree online mortgage unit.

The remaining IAC business will focus on web media and advertising businesses, including its Ask.com search site and Match.com dating service.

IAC said it expects about $390 million from HSN, $390 million from Interval and $730 million from Ticketmaster, according to the filing with the U.S. Securities and Exchange Commission.

The units will finance the dividend through a combination of secured credit facilities and privately issued debt securities.

In addition, IAC provided details of how its shareholders will take part in the spinoffs, which are expected to be completed by early August.

The company said that for every share of IAC common stock, shareholders will receive one-fifth of a share of HSN, one-fifth of a share of Interval, one-fifth of a share of Ticketmaster and one-thirtieth of a share of LendingTree.

IAC in a separate statement on Thursday estimated $300 million in goodwill impairment and an operating loss for its Cornerstone Brands catalog business in the first half of 2008.

Cornerstone is being spun off from IAC in a new unit that will also house HSN. IAC said it did not believe HSN suffered from any impairment, but Cornerstone had suffered from a weaker U.S. retail environment and internal execution problems and management turnover.

IAC said it expects Cornerstone to be profitable for the full year but with results that are significantly lower from 2007. (Reporting by Michele Gershberg, editing by Mark Porter)