IAC  (IACI) has the word "interactive" in its name. And, it owns Ask.com, which as about 5% of the online search business.

But, the company is hardly an online operation. Revenue for the fourth quarter of 2006, released today, was $1.8 billion, up 8% from the same period a year ago. Operating income before amortization was up slightly to $267.6 million.

But, the portion of the company that includes Ask.com, labeled "Media and Advertising" in the company’s financials, had revenue of only $160 million. It was up 46%, but is an extremely small part of the total. Operating income from this segment was just under $14 million, not much of a margin for an internet operation. It did grow 81%.

At its core, IAC is Home Shopping Network. And, it will stay that way unless the internet operations are spun off.

Douglas A. McIntyre can be reached at douglasamcintyre@247wallst.com. He does not own securities in companies that he writes about.