Liberty Media (NSDQ: LINTA) and IAC have settled their highly publicized differences, the two companies announced in a joint statement within the past few minutes. Liberty is dropping its appeal in exchange for, among other things, guarantees of representation on the boards of each of IAC’s spin-offs.
IAC chairman and CEO Barry Diller: “Now it’s really over and that’s great for both of us.”
Liberty Chairman John Malone: “I am pleased that we were able to amicably resolve our dispute with IAC (NSDQ: IACI). Liberty supports the proposed restructuring of IAC and looks forward to the ongoing success of each of the new entities and IAC.”
We’ll have more details about the settlement as soon as a batch of SEC filings become available. Short form: Liberty has agreed to a standstill agreement that limits its ability to increase its ownership stakes and to take a variety of other actions with respect to the spun off companies.
Spin-offs: It’s full steam ahead now on the spins. At the same time the settlement was announced, IAC filed with the SEC its intention to spin off HSN, Interval International, Ticketmaster and Lending Tree.
Update: Joe takes a look at the “spinco agreement” — much of it is very if-than and none of it jumps out as something Liberty had to go to court to get.