Diller, Malone Battle for IAC
By BroadCasting & Cable Staff -- Broadcasting & Cable, 2/3/2008 5:00:00 PM MT
In the latest episode of a bitter, public battle between media titans Barry Diller and John Malone, Diller's IAC/InterActiveCorp is claiming that attempts by Malone's Liberty Media to oust Diller have hampered IAC's ability to conduct business, including its planned earnings report next week.
In papers filed Jan. 30, IAC asked the Delaware Chancery Court to dismiss Liberty's motion earlier in the week to remove Diller, IAC's chairman, and several other members of the company's board. Liberty has a majority voting stake in IAC and Malone serves as a director on the board.
After a long partnership that helped to establish IAC as a force in digital media, with such businesses as Ticketmaster, Ask.com and home shopping channel HSN, previously reported tension between Diller and Malone bubbled over.
IAC filed suit against Liberty to assert its right to spin off its businesses into separate entities. Liberty, in turn, sued IAC, calling the spinoff a "corporate coup" that would limit Liberty's and other shareholders' voting power.
