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NEW YORK InterActiveCorp, which owns HSN, said that it expects the spin-off of its Cornerstone Brands catalog business to result in an estimated $300 million in goodwill impairment and an operating loss in the first half of 2008, according to a Reuters report.

Cornerstone will become part of a new unit that will also include HSN under a restructuring plan to be completed by early August, the report said.

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