Barry Diller is making good on his promise to start selling parts of IAC’s “emerging business” segment, as community sports site operator The Active Network has acquired ReserveAmerica. IAC (NSDQ: IACI) will sell all its stock in campground reservations site ReserveAmerica Holdings, Ltd. to Active in exchange for roughly 3.5 million shares of Active convertible preferred stock. Together with equity previously acquired, IAC will own approximately 9 percent of The Active Network. The deal is expected to close next month.

SEE ALSO: IAC: Which Emerging Businesses Will It Sell or Close?

—There are about 20 units in IAC’s emerging-business segment, including sites like Tina Brown’s TheDailyBeast, CollegeHumor, RushmoreDrive, and Busted Tees. During the company’s Q3 earnings call in November, Diller told investors, “We don’t think emerging businesses are the tomorrow of our business.” At the time, he said IAC would start selling off pieces of it in December.

—Back in August, Active Network received a huge $80 million sixth-round funding led by ESPN (NYSE: DIS). The company intended to use the proceeds to support acquisitions. Even before that, the heavily capitalized sports company had made a number of purchases, such as HY-TEK Sports Software in July. Release