IAC, Liberty Media Resolve Dispute Over Spinoffs
Liberty Media and IAC/InterActiveCorp resolved their legal dispute over IAC's proposed restructuring, paving the way for a spinoff of four IAC units.
Liberty has agreed to drop its appeal of the decision handed down by the Delaware Chancery Court on March 28 and will not oppose the proposed single-tier spin-offs of HSN, Interval International, Ticketmaster and Lending Tree, which IAC advanced earlier today by making its initial filings with the SEC.
Additionally, the companies agreed on a number of arrangements regarding the governance of the spun off companies, including Liberty's right to board representation on each company and a standstill agreement that limits Liberty's ability to increase its ownership stakes and to take a variety of other actions with respect to the spun off companies.
Further details of the arrangement between IAC and Liberty are set forth in filings the companies make with the Securities and Exchange Commission.
IAC Chairman and Chief Executive Officer Barry Diller stated, "Now it's really over and that's great for both of us."
Liberty Chairman John Malone said, "I am pleased that we were able to amicably resolve our dispute with IAC.
Liberty supports the proposed restructuring of IAC and looks forward to the ongoing success of each of the new entities and IAC."