Barry Diller Buys Back IAC Stake From Liberty and Steps Down From CEO Spot
IAC/InterActiveCorp (NASDAQ:IACI) CEO Barry Diller is stepping down from the company. Liberty Media is also exchanging their equity stake in IAC for cash and assets in a deal that is worth $220 million. Liberty is exchanging 12.8 million IAC shares for all of the capital stock in an IAC subsidiary the runs the Evite and Gifts.com businesses.
Diller will be replaced by the former CEO of Match.com. Match.com is an IAC portfolio company. Diller will continue to serve as the Chairman and Senior Executive of IAC. Diller exchanged 4.3 million IAC common stock shares for an equal number of Class B common stock that is held by Liberty.
Diller’s shares represent about 34% of the total votes of all IAC stock. He has the largest individual voting stake in IAC with an option to increase it to 41%. Evite and Gifts.com will be rolled into Liberty’s e-commerce portfolio.
[Fortune]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry