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.