New IAC Hits the Street Running
NEW YORK It took him almost a year to accomplish and required winning a legal battle against Liberty Media’s John Malone, but Barry Diller has finally split his Internet hodgepodge IAC/InterActiveCorp. into five separate companies.
The split will allow investors to choose which bits of Diller’s former conglomerate they want to invest in and which ones they’d prefer to avoid, and gives each company its own board of directors and CEO.
Malone had unsuccessfully sued to prevent Diller from completing his plan because, as a large investor in a singular company with a two-tier voting structure, his power is severely diluted now that the company has been broken down into separate entities that don’t grant him super-voting rights.
After the first day of trading, Wall Street rewarded the company now known simply as IAC with the biggest market cap, $2.33
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