IAC/InterActiveCorp Faces Lawsuit to Remove Barry Diller
I wonder if Jim Lanzone is quietly chuckling to himself over news that Liberty Media is suing to have Barry Diller removed from the board of IAC/InterActiveCorp.
Reuters reports the suit comes as Liberty Media’s John Malone is trying to get Diller and six other IAC board members removed.
Diller has long controlled Liberty Media’s voting rights in board matters, per a proxy agreement, but Liberty lawyers argue those rights were revoked when Diller decided to pursue the spin-offs without Liberty’s consent. Malone’s lawyers claim such consent is required under the agreement that gives Diller the rights in the first place.
Liberty also said in court papers it would remove Diller as a director of an entity called BDTV, which it argues would take away his power to vote its shares, which constitute roughly half of Liberty’s IAC voting power. About 99 percent of BDTV is owned by Liberty subsidiaries.
IAC is the parent company of Ask.com–in case you didn’t get the Jim Lanzone reference.