Judge Prevents Malone's Attempt To Oust Diller
Barry Diller has won his legal battle against John Malone. Diller, head of InterActive Corp., had provoked the anger of his one time friend Malone, head of Liberty Media, when he announced that he would split IAC into five publicly traded companies in an effort to boost their individual value. Malone opposed Diller's move, arguing that it would dilute his own interest in the company. In his 79-page ruling, Delaware Chancery Court Judge Stephen Lamb concluded that Malone "does not have a right to consent to the proposed spin-off." He also held that Malone "failed to demonstrate that Diller has breached or threatened to breach any contractual duty he owes to Liberty."