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Liberty CEO wants Diller off IAC board

January 29, 2008|From the Associated Press

Liberty Media Corp.'s John Malone, a longtime business partner of Barry Diller, moved Monday to oust Diller from the board of the IAC/InterActiveCorp Internet conglomerate.

The move was the latest in dueling lawsuits the two sides filed in Delaware courts after IAC said it planned to break itself into five separate companies. Liberty says that would rob the media holding company of its shareholder voting power.

Malone's lawyers sought the removal of seven IAC board members in all, including Diller; his wife, designer Diane von Furstenberg; Edgar Bronfman Jr.; and Steven Rattner. Liberty proposed they be replaced by three people it named in the court filing.

Diller has long controlled Liberty Media's voting rights in board matters, per a proxy agreement, but Liberty lawyers argue those rights have expired. Liberty owns about 23% of IAC common stock.

In November, Diller announced plans for IAC to spin off its HSN home shopping network, Ticketmaster ticketing service, Interval time-share business and LendingTree mortgage referral units.

Malone, Liberty's chief executive, challenged the breakup.

New York-based IAC owns the Ask.com search engine, Citysearch, Evite and Match .com.

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