The Wall Street Journal-20080114-Liberty Media Lifts Stake in IAC
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Liberty Media Lifts Stake in IAC
Liberty Media Corp. paid $340 million to boost its economic ownership of IAC/InterActiveCorp to about 30% from 25%, a possible prelude to more deal-making by the two companies.
Liberty, of Englewood, Co., already owns a majority voting stake in IAC, but its shares are voted by IAC Chief Executive Barry Diller under a proxy agreement. That pact could soon be unwound as IAC prepares to spin off LendingTree, Interval, Ticketmaster and HSN home- shopping network.
Liberty and IAC bought shares from the same seller as part of the deal, according to Liberty. Liberty bought 14 million IAC shares at $24.25 each. IAC bought six million shares at the same price. After both transactions, Liberty holds a 30% economic ownership in IAC.
IAC and Dow Jones & Co., publisher of The Wall Street Journal, are jointly building a personal-finance Web site.
