IAC/Interactive announced plans Friday to spend $100 million on a new Internet business in China and install its search engine, ASK.com, in the country. Barry Diller, CEO of IAC, said the company is looking to transport ASK.com in less than two years. Up till now, IAC has invested $200 million in China, including online travel service Elong.com, yet the details about what exactly the new company will do is not ironed out yet, "We've certainly got enough capital to do damage," Diller said. He said online gambling, a booming market in China, would be on the top of his list. Diller further commented that he was not especially worried about the complications of running a business China; he plans to spend a couple weeks traveling and meeting successful internet entrepreneurs. "Every place has got its constraints," he said. "It doesn't bother me … When you operate in a country you play by the country's rules," Diller explained. IAC traded up 0.25% to $27.64 in Wednesday's session.
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Stocks to watch: IACI. Competitors: GOOG, YHOO. ETFs: FDN