Coming to a Delaware court soon, a clash of media moguls. Reprising his role in the latest battle royale is Liberty Media Corp.'s John Malone, who will square off against IAC/InterActiveCorp's Barry Diller. Like a WWE match where friends turn on one another, Malone is suing to block IAC's planned breakup into five separately traded public entities.
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The Wall Street Journal says Diller's plan proposes ditching IAC's dual-class share structure for the new companies, effectively reducing Liberty's voting stake in them from 61.7% to 29.9%. So one would assume that Malone would simply exercise his voting rights rather than sue, but he can't because Diller holds a proxy to vote those shares for IAC as long as he remains CEO. This case will likely hinge on IAC's corporate bylaws, making it hard to say who's likely to step out of the ring as champ. - Matthew Wurtzel
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