Diller buys Malone out of IAC stake
Friday 03 December 2010
Barry Diller, the home-shopping TV mogul, and the cable TV pioneer John Malone have parted ways in the media group IAC/InterActive Corp. Mr Malone's Liberty Media is selling its controlling stake in the internet business, in return for $220m (£141m) and two web businesses, Evite and Gifts.com.
Mr Diller, the man who created Fox Broadcasting, is meanwhile handing over the reins as chief executive at IAC to Greg Blatt, the chief executive of IAC's dating website Match.com.
The changes leave Mr Diller as chairman of IAC and its largest shareholder, with more than a third of the voting shares. He also has the option of increasing his stake in the business to 41 per cent over the next nine months.
The transaction ends a 17-year business engagement between Mssrs Malone and Diller that began when Mr Diller joined Silver King Communications. Both men remain on the boards of several companies that were spun off from IAC in 2008, including Ticketmaster, now part of Live Nation Entertainment.
While Mr Diller has always said he remains good friends with Mr Malone, there was more evidence of the tensions that can arise in business when Mr Diller suddenly stepped down in October as chairman of Live Nation and was replaced on an interim basis by Mr Malone. The two businessmen also fell out over a 2008 court battle about Mr Diller's use of Liberty's voting rights, in a case that was later settled.
"These past 17 years of my association with John Malone and Liberty Media have been a great, and occasionally wild, ride," Mr Diller said yesterday. "I want to state my thanks and gratitude to Malone for his support and encouragement throughout (with one brief period of mutual discontent which we both believe was an aberration). This has been a most productive partnership and I'm glad it will continue in other venues."
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...