Diller, Malone Reconcile
John Malone-Led Liberty Media to Remain Shareholder of Barry Diller-Led InterActiveCorp
By Robert Marich -- Broadcasting & Cable, 5/13/2008 2:33:00 PM
Feuding media moguls Barry Diller and John Malone reconciled, according to a joint press release Tuesday, indicating that Malone-led Liberty Media will remain a shareholder of Diller-led InterActiveCorp.
Observers had expected a divorce with division of assets, which is not the case.
Liberty agreed to drop its appeal of an adverse Delaware court decision handed down March 28 regarding the proposed spinoff of IAC businesses. That clears the way for IAC to spin off its HSN, Interval International, Ticketmaster and Lending Tree businesses. Liberty owns about 30% of IAC’s equity and has a larger voting stake.
“Additionally, the companies agreed on a number of arrangements regarding governance of the spun-off companies, including Liberty’s right to board representation on each company and a standstill agreement that limits Liberty’s ability to increase its ownership stakes” and other accords on mutual activities, the joint announcement said.
In a statement, Diller said, “Now it’s really over and that’s great for both of us.”
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