John Malone’s Liberty Media (NSDQ: LINTA) has acquired an additional 14 million shares of IAC (NSDQ: IACI), raising its stake in the company run by Barry Diller to roughly 30 percent of the economic value of IAC shares. Liberty Media paid a single holder nearly $340 million, or $24.25 per share. At the same time, the company entered into a standstill agreement—ie no stock buying (subject to customary exceptions)—with IAC that will expire April 15, 2009, or when the proposed five-way split of IAC is either accomplished or abandoned. Liberty said it “took advantage of recent weakness in IAC’s shares to increase its holding at an attractive price.” Release.

—IAC also purchased 6 million shares of its common stock from the same shareholder at the same price for a total of $145.5 million.