The media mogul feud between Barry Diller’s IAC/InterActiveCorp and shareholder John Malone’s Liberty Media continued yesterday in a Delaware Chancery Court. Liberty, which owns a majority voting stake, is not happy about the share price. From The Hollywood Reporter:
”The IAC move is the latest in an increasingly bitter showdown between the company and longtime investor Liberty, controlled by chairman John Malone. He and Liberty CEO Greg Maffei have been unhappy with IAC’s stock price and in recent months have talked with Diller about possibly restructuring the company or Liberty’s stake in it.
”Among other things, the two sides had looked at swapping part of Liberty’s stake for home shopping network HSN or other IAC assets.
”But this week, Liberty asked a court to remove Diller and six other board members and strip Diller of long-held rights to vote the company’s controlling shares, escalating the showdown.”
At post time IAC/InteractiveCorp shares are up 0.23% or $.06 at $26.00 a share.