NEW YORK— USA Interactive has reported plans to buy Interval Acquisition Corp. for $578 million in cash and stock as it steps into the timeshare business, the Wall Street Journal reported. USA Interactive— formerly known as USA Networks and which owns or controls interactive businesses including Expedia, Hotels.com, and CitySearch.com— will buy Miami-based Interval from Willis Stein & Partners, a Chicago investment firm, and other investors. Interval is the parent of Interval International, a company that allows owners of timeshare units to swap their weeks or points for time at other resorts worldwide. According to the Wall Street Journal, USA Interactive expects Interval to post $220 million in revenue in 2003 and earnings before interest, tax, depreciation and amortization of $60 million. SOURCE: Wall Street Journal
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