Liberty Media and John Malone cannot give Barry Diller the boot from IAC/InterActiveCorp, a Delaware judge ruled, thwarting Malone's effort to gain control of the Internet company.
This means that Diller will most likely move forward with his plan to split IAC into five parts. Which Malone said violated a proxy agreement giving Diller control of Liberty's majority stake in the company. The judge ruled today that it didn't.
Malone had asked the court to terminate the agreement, which would have given Malone control of IAC and ended Diller’s tenure at the company.
Bloomberg runs a good report on all this -- plus the background on why Malone and Diller have fallen out over time.
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