Steps Down. as CEO at Diller Steps Down. CEO Barry' Liberty Media, 2010
Barry Diller is stepping down as CEO at InterActiveCorp(IACI) after the company bought out one of its biggest shareholders, John Malone's Liberty Media(LCAPA). Liberty sold its entire IAC stake for $220 million, as well as its Evite and Gifts.com businesses, which will become part of the Liberty Interactive(LINTA) division.
"We are pleased to welcome Evite and Gifts.com to Liberty Interactive's eCommerce companies," Liberty Media chairman Malone said. "These companies are established leaders and build on our strength in specialty commerce. Our 17-year relationship with Barry has been very beneficial in creating value for our shareholders, and this transaction represents an efficient exit for Liberty from our IAC stake."
Liberty's stake included about 12.8 million shares of IAC stock, which represented 60% of the voting rights.
In 2008, the relationship between Malone and Diller had grown hostile when Diller tried to spin IAC into five separate businesses. Malone did not support his attempts, and filed suit in a Delaware court to remove Diller from the company board.
Diller was eventually able to complete his plan by formally splitting IAC into several separate units.
"These last 17 years of my association with John Malone and Liberty Media have been a great, and occasionally, wild ride," Diller said. "While I'll continue my association with Dr. Malone in Expedia(EXPE), and as significant shareholders of the multiple spunoff companies, Liberty's exit from IAC is a turning point, and I want to state my thanks and gratitude to Dr. Malone for his support and encouragement.... This has been a most productive partnership and I'm glad it will continue in other venues."
"We are pleased to welcome Evite and Gifts.com to Liberty Interactive's eCommerce companies," Liberty Media chairman Malone said. "These companies are established leaders and build on our strength in specialty commerce. Our 17-year relationship with Barry has been very beneficial in creating value for our shareholders, and this transaction represents an efficient exit for Liberty from our IAC stake."
Liberty's stake included about 12.8 million shares of IAC stock, which represented 60% of the voting rights.
In 2008, the relationship between Malone and Diller had grown hostile when Diller tried to spin IAC into five separate businesses. Malone did not support his attempts, and filed suit in a Delaware court to remove Diller from the company board.
Diller was eventually able to complete his plan by formally splitting IAC into several separate units.
"These last 17 years of my association with John Malone and Liberty Media have been a great, and occasionally, wild ride," Diller said. "While I'll continue my association with Dr. Malone in Expedia(EXPE), and as significant shareholders of the multiple spunoff companies, Liberty's exit from IAC is a turning point, and I want to state my thanks and gratitude to Dr. Malone for his support and encouragement.... This has been a most productive partnership and I'm glad it will continue in other venues."
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