Well the ruling is in and it is in favor of Barry Diller. Barry Diller won a somewhat bitter legal dispute with Liberty Media Corp's John Malone. The ruling will now allow Diller to proceed with efforts to spin off four of IAC's largest units.
According to Reuters,
IAC's outside investors had sought a ruling that would end the uncertainty over the future of IAC, whose share price had dropped 17 percent since the legal dispute began. Many favored the spin-off plan as a way of improving IAC's business focus without the complexity of operating more than 60 brands. Diller's plan would make separate entities of HSN, online mortgage business LendingTree, box office service Ticketmaster and time-share exchange Interval. IAC would retain its Web media and advertising properties like search site Ask.com and dating service Match.com.
It's interesting to note that Liberty had sought to oust Diller, Warner Music Group Chief Executive Officer Edgar Bronfman Jr., fashion designer Diane Von Furstenberg, Alan G. Spoon, Victor Kaufman, Arthur Martinez and Steven Rattner from the board. Diane Von Furstenberg is Diller's wife.
IAC/InterActive Corp (IACI) shares were up slightly Friday and again this morning.Labels: Barry Diller vs Liberty, IAC/InterActiveCorp |
