John Malone Looking To Take IAC From Diller

John Malone, a partner with IAC Chairman Barry Diller in various ventures since 1992, has started taking steps to have Diller removed from the board of the company he built. Diller has been working for months on splitting up InterActiveCorp into multiple smaller companies, and Malone’s Liberty Media Corp. wants the media veteran taken out, by force if necessary, in order to stop his plans.
While Liberty only owns 30% of IAC’s stock, it controls 62% of the voting power. The structure of the stock gives Liberty all of the Class B shares, which have ten times the votes of regular shares, as well as 23% of all regular shares. However, an outstanding agreement gives Diller full voting control over Liberty’s shares, and he isn’t about to vote himself out anytime soon.
Malone wants the voting rights to be reclaimed by Liberty so he can show Diller the door, […]

See original post by Nathan Weinberg