Reuters reports that Barry Diller is stepping down as chief executive of IAC/InterActiveCorp, and that the company has bought out one of its largest shareholders, John Malone’s Liberty Media Corp.
Liberty sold its equity stake in IAC for $220 million in cash and the Evite and Gifts.com businesses, the report said, adding that the online businesses will become part of Liberty’s Interactive unit.
Liberty’s stake included 60% of voting rights of all classes of IAC stock, which had been represented by Diller–a longtime business associate of cable pioneer Malone, with whom he had a falling out in 2008 over how Diller used Malone’s voting rights in IAC, Reuters said.
Match.com Chief Executive Greg Blatt, 42, will take over as CEO from 68-year-old Diller, who remains as chairman and senior executive, the report said.
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