Wednesday, May 14, 2008
Liberty Media (controlled by John Malone), which has majority voting power in IAC/Interactive Corp. (controlled by Barry Diller), went to court in Delaware to block IAC's planned restructuring that would have diluted its voting power. After a lower court decision largely favoring IAC, the two now have settled their differences, and Liberty's spin-off of four businesses, including Ticketmaster, LendingTree and home-shopping network HSN, will go forward. The businesses will have a single-tier voting structure, as IAC wanted, and Liberty will have the right to appoint 20% of the directors. IAC will keep its Internet businesses, including Ask.com and Match.com. WSJ, Liberty Media Ends Its Opposition to IAC Spinoffs.