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IAC and Liberty Media Resolve Legal Dispute
Tuesday, May 13, 2008
Liberty to Drop Appeal of Delaware Decision, Parties Agree to Spin-off Plan
ENGLEWOOD, Colo. and NEW YORK, May 13 /PRNewswire-FirstCall/ -- Liberty
Media Corporation (Nasdaq: LINTA, LMDIA, LCAPA) ("Liberty") and IAC
(Nasdaq: IACI) announced today that they have resolved their legal dispute
regarding IAC's proposed restructuring.
Liberty has agreed to drop its appeal of the decision handed down by the
Delaware Chancery Court on March 28, 2008 and will not oppose the proposed
single-tier spin-offs of HSN, Interval International, Ticketmaster and Lending
Tree, which IAC advanced earlier today by making its initial filings with the
SEC.
Additionally, the companies agreed on a number of arrangements regarding
the governance of the spun off companies, including Liberty's right to board
representation on each company and a standstill agreement that limits
Liberty's ability to increase its ownership stakes and to take a variety of
other actions with respect to the spun off companies.
Further details of the arrangement between IAC and Liberty are set forth
in filings the companies make with the Securities and Exchange Commission.
IAC Chairman and Chief Executive Officer Barry Diller stated, "Now it's
really over and that's great for both of us."
Liberty Chairman John Malone said, "I am pleased that we were able to
amicably resolve our dispute with IAC. Liberty supports the proposed
restructuring of IAC and looks forward to the ongoing success of each of the
new entities and IAC."
About Liberty Media Corporation
Liberty Media Corporation owns interests in a broad range of electronic
retailing, media, communications and entertainment businesses. Those interests
are attributed to three tracking stock groups: (1) the Liberty Interactive
group, which includes Liberty's interests in QVC.com, Provide Commerce,
Backcountry.com, BUYSEASONS, Bodybuilding.com, IAC/InterActiveCorp, and
Expedia, (2) the Liberty Entertainment Group, which includes Liberty's
interests in the DIRECTV Group, Inc., Starz Entertainment, FUN Technologies,
Inc., GSN, LLC, WildBlue Communications, Inc., and Liberty Sports Holdings
LLC, and (3) the Liberty Capital group, which includes all businesses, assets
and liabilities not attributed to the Interactive Group or the Entertainment
Group including our subsidiaries Starz Media, LLC, Atlanta National League
Baseball Club, Inc., and TruePosition, Inc., and minority equity investments
in Time Warner Inc. and Sprint Nextel Corporation.
About IAC
IAC is an interactive conglomerate operating more than 60 diversified
brands in sectors being transformed by the internet, online and offline... our
mission is to harness the power of interactivity to make daily life easier and
more productive for people all over the world. To learn more about IAC please
visit http://iac.com.
Contact:
IAC Investor Relations Liberty Media
Eoin Ryan John Orr
(212) 314-7400 (720) 875-5622
IAC Corporate Communications
Stacy Simpson
(212) 314-7470
SOURCE IAC
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