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Liberty Tries to Force Diller Off IAC Board

Posted Jan 29, 08 2:35 AM CST in Technology,  Business 

(Newser) – The feud between media magnates John Malone and Barry Diller has stepped up a level, reports the Wall Street Journal. Malone's Liberty Media Corp. is taking legal action to boot   chairman Diller, his wife and seven others off the board of Internet conglomerate IAC/Interactive Corp. Malone and Diller worked together to build IAC, but their relationship has soured in recent years.

Liberty holds a big chunk of IAC's shares and it has been battling to stop an IAC plan to break itself up into smaller units, thereby reducing Liberty's voting power. The plans led to lawsuits, and now the move to force Diller out. "I am beginning to think these people are insane. Everything they cite is hogwash," said Diller of Liberty's latest action.
Sources: Wall Street Journal, Associated Press

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John C. Malone, chairman of the board of Liberty Media, speaks during a stockholders meeting for the company in this file photograph. Libery has filed a court action to remove Barry Diller and six others...   (Associated Press)
Barry Diller is seen in New York in this Sept. 8, 2007 file photo.(AP Photo/Jason DeCrow, file)   (Associated Press)
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)
InterActiveCorp's Barry Diller rides his bicycle at the annual Allen and Co.'s media conference Thursday, July 12, 2007, in Sun Valley, Idaho. (AP Photo/Douglas C. Pizac)   (Associated Press)
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