Liberty’s Malone, Bennett Step Down from IAC Board

Sep 20, 2004  •  Post A Comment

Liberty Media Chairman John Malone and CEO Robert Bennett have stepped down from the board of Barry Diller’s InterActiveCorp over antitrust worries about the two companies’ ownership of rival home-shopping channels.

The resignation, which was detailed in a Securities and Exchange Commission filing by IAC submitted Friday, appears to center on Liberty’s ownership of QVC, which the company assumed control of last year. IAC owns rival channel Home Shopping Network.

At issue is whether federal laws prohibit Mr. Malone and Mr. Bennett from serving on the board of competing companies. While Liberty officials maintain there was no violation, the two companies decided to press forward with Mr. Malone’s and Mr. Bennett’s resignations.