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.