IAC, Liberty Media resolve dispute
IAC/InterActiveCorp and Liberty Media Corp. say they resolved a legal skirmish regarding IAC’s plans to break into several parts.
Liberty is dropping an appeal it filed that allowed it to dispute a March ruling by a Delaware judge who sided with IAC head Barry Diller on the breakup plans.
Liberty owns about 30% of IAC’s equity and was fighting with IAC for months regarding the breakups.
The companies agreed on various arrangements regarding operations of the spun off companies quick payday loans. These include Liberty’s right to board representation on each company and a limitation on Liberty’s (LINTA) ability to raise its ownership stakes.
IAC (IACI, Fortune 500) moved ahead with the breakups through initial filings with the Securities and Exchange Commission on Tuesday.
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