Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Malone Testifies Against Diller in IAC Battle

Mogul insists that company restructuring would be breach of faith

By Sam Gale Rosen,  Newser Staff

Posted Mar 10, 2008 5:08 PM CDT
Email

(Newser) – John Malone has launched the first volley in his court battle with fellow media baron Barry Diller over control of IAC/InterActiveCorp. Malone testified today that the proposed restructuring of IAC breaks a longstanding agreement between the two, the Wall Street Journal reports. "It's a breach of the stewardship that we granted him when we started this whole relationship,'' said Malone.

At issue is whether Diller has the right to spin off new companies from IAC in a way that would cut the voting power of Malone's Liberty Media Corporation in half. Malone criticized the way Diller managed the business, saying that although he was "extremely well compensated," he had turned use of the company jet into "a fine art."

Liberty Media chairman John Malone leaves the Newcastle County Courthouse, Monday, March 10, 2008, in Wilmington, Del. Malone is in a Chancery Court trial challenging billionaire Barry Diller's plan to break up IAC/Interactive Corp into five separate publicly traded companies and eliminate Liberty's control in the process. (AP Photo/Rob Carr)
Liberty Media chairman John Malone leaves the Newcastle County Courthouse, Monday, March 10, 2008, in Wilmington, Del. Malone is in a Chancery Court trial challenging billionaire Barry Diller's plan to...   (Associated Press)
Liberty Media chairman John Malone leaves the Newcastle County Courthouse, Monday, March 10, 2008, in Wilmington, Del. Malone is in a Chancery Court trial challenging billionaire Barry Diller's plan to break up IAC/Interactive Corp into five separate publicly traded companies and eliminate Liberty's control in the process. (AP Photo/Rob Carr)...
Liberty Media chairman John Malone leaves the Newcastle County Courthouse, Monday, March 10, 2008, in Wilmington, Del. Malone is in a Chancery Court trial challenging billionaire Barry Diller's plan...   (Associated Press)
Liberty Media chairman John Malone, left, and attorney Kevin Abrams, right, leave the Newcastle County Courthouse, Monday, March 10, 2008, in Wilmington, Del. Malone is in a Chancery Court trial challenging billionaire Barry Diller's plan to break up IAC/Interactive Corp into five separate publicly traded companies and eliminate Liberty's control...
Liberty Media chairman John Malone, left, and attorney Kevin Abrams, right, leave the Newcastle County Courthouse, Monday, March 10, 2008, in Wilmington, Del. Malone is in a Chancery Court trial challenging...   (Associated Press)
Liberty Media chairman John Malone, left, and attorney Kevin Abrams, right, leave the Newcastle County Courthouse, Monday, March 10, 2008, in Wilmington, Del. Malone is in a Chancery Court trial challenging billionaire Barry Diller's plan to break up IAC/Interactive Corp into five separate publicly traded companies and eliminate Liberty's control...
Liberty Media chairman John Malone, left, and attorney Kevin Abrams, right, leave the Newcastle County Courthouse, Monday, March 10, 2008, in Wilmington, Del. Malone is in a Chancery Court trial challenging...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

Malone: Diller called it "his business"
Reuters

IAC sure has a sweet building
Times (UK)

 
corporate governance • John Malone • Barry Diller • Liberty Media • IAC/InterActiveCorp • chancery court

More Newser Stories

Barry Diller Steps Down as IAC CEO

Sirius Seeks White Knight

IAC, Liberty Make Peace Over Spin-Offs

IAC Plans Wave of Web Startups

Diller's Trials Far From Over After IAC Verdict
NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne