IAC/InterActiveCorp is to invest $20m in seed capital in Brightline – a joint e-publishing venture between heavyweight media executives – with expertise from Brooklyn-based e-publisher, Atavist, according to news provider New York Times.

Scott Rudin, the film and theatre producer, and Barry Diller, the chairman of IAC/InterActiveCorp and media executive behind the creation of Fox, are joining together to challenge elite e-book publishers, the company added in a statement.

Rudin and Frances Coady, a longtime publishing executive, have formed…

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