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IAC and Liberty Lock Horns in Legal Battle

Fight over spinoffs that would reduce Liberty's control over IAC assets

By Laila Weir,  Newser User

Posted Jan 25, 2008 10:50 AM CST
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(Newser) – Media moguls Barry Diller and his onetime backer, John Malone, have gone head to head,  with each man’s corporation suing the other’s. Diller’s IAC/InterActiveCorp and Malone’s Liberty Media, which owns a majority voting stake in IAC, are at odds over an IAC restructuring plan that would reduce Liberty’s voting power over several key businesses, reports the Wall Street Journal.

IAC sued first for the right to spin off several major assets with a voting structure that would reduce Liberty’s power. Liberty countered with a suit seeking to block the plan, citing concerns about “performance and executive compensation" and accusing Diller of focusing on “succession issues and his legacy." The spinoffs would leave IAC with several Internet businesses, most notably Ask.com.

IAC/InterActiveCorp. CEO Barry Diller is interviewed in his office at the company headquarters in New York in this June 27, 2005 file photo. (AP Photo/Gregory Bull, file)
IAC/InterActiveCorp. CEO Barry Diller is interviewed in his office at the company headquarters in New York in this June 27, 2005 file photo. (AP Photo/Gregory Bull, file)   (Associated Press)
John C. Malone, chairman of the board of Liberty Media, speaks during a stockholders meeting for the company in this file photograph taken on Wednesday, June 9, 2004, in the south Denver suburb of Centennial, Colo. (AP Photo/David Zalubowski, file)
John C. Malone, chairman of the board of Liberty Media, speaks during a stockholders meeting for the company in this file photograph taken on Wednesday, June 9, 2004, in the south Denver suburb of Centennial,...   (Associated Press)
Barry Diller, Chariman and CEO of USA Interactive, delivers a keynote address to the National Association of Broadcasters convention, Monday, April 7, 2003, in Las Vegas. (AP Photo/Joe Cavaretta)
Barry Diller, Chariman and CEO of USA Interactive, delivers a keynote address to the National Association of Broadcasters convention, Monday, April 7, 2003, in Las Vegas. (AP Photo/Joe Cavaretta)   (Associated Press)
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Liberty bought up IAC shares as restructuring was in the works
MarketWatch

 
John Malone • Barry Diller • Liberty Media • IAC

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