Interactive Corp (NSDQ: IACI). which has had a very active M&A team which hasn’t resulted in all that many deals (some of them because they got outbid on a bunch of these), has done a major reorg of its team, right in the middle of its five-company-breakup-and-spinoff. In a carefully worded release which leaves a bit of room for more changes and ambiguity in the near future, the company has done these changes:

-- Shana Fisher, SVP of M&A and Strategy, will oversee all aspects of strategy and oversee certain specific areas of M&A activity. She will continue to oversee IAC’s Instant Action, the company’s soon-to-be-launched online gaming site.

-- Joey Levin, SVP, M&A and Finance, will co-lead and coordinate all M&A activities, including deal sourcing and execution. He will continue to oversee all Financial Planning activities within IAC.

-- Kara Nortman, VP, M&A, will co-lead M&A activities, working closely with the VC community. She will also oversee cross-company business development.

Also, Jason Rapp, who was the SVP of M&A, will transition out of that role and will focus on new entrepreneurial opportunities within the company, though details weren’t released. Kim Gorsuch, who was the SVP of biz startegy, will also be moving into other areas within IAC. Would these two senior execs leave? I could see that happening...

Also, as has been rumored and reported before, IAC finally passed on the Flixster deal, after the startup’s hopes went sky high...from what we know, they were asking for $100 million cash and a $100 million earn out, and IAC finally made a decision not to go forward with it.