Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Wednesday, May 14, 2008

IAC and Liberty Settle Dispute over Spin-offs

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.

http://lawprofessors.typepad.com/securities/2008/05/iac-and-liberty.html

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