Diller Steps Down as CEO of IAC; Company Buys Out Malone

Dec 2, 2010  •  Post A Comment

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.

Your Comment

Email (will not be published)