Moguls finally make nice
EmptyJohn Malone's Liberty Media and Barry Diller's IAC/InterActiveCorp ended a protracted legal battle Tuesday, unveiling an agreement on the planned split of IAC into five entities and their governance setup.
Among other things, Liberty agreed to restrictions on its ability to boost its stakes in the spun-off firms.
"Now it's really over, and that's great for both of us," IAC chairman and CEO Diller said.
"I am pleased that we were able to amicably resolve our dispute with IAC," Liberty chairman Malone said. "Liberty supports the proposed restructuring of IAC and looks forward to the ongoing success of each of the new entities and IAC."
Under the deal, Liberty agreed to drop its appeal of a late-March court decision in the two companies' legal showdown and will not oppose the proposed spinoffs of HSN, Interval International, Ticketmaster and Lending Tree from IAC.
IAC moved those forward Tuesday via initial filings with the U.S. Securities and Exchange Commission.
The companies said additional details will be released in regulatory filings. (partialdiff)