Liberty Media reaches agreement in proposed restructuring of IAC/Interactive

By Lisa Kerner

Charlotte, N.C., May 13 - Liberty Media Corp. and IAC/Interactive Corp. resolved their legal dispute related to IAC's restructuring, the companies announced on Tuesday.

Liberty agreed to drop its appeal of the March 28 decision handed down by the Delaware Chancery Court and will not oppose IAC's previously announced proposed single-tier spinoffs of HSN, Interval International, Ticketmaster and Lending Tree, an IAC news release stated.

Both parties agreed on governance of the spun off companies, including Liberty's right to board representation on each company as well as a standstill agreement that limits Liberty's ability to increase its ownership stakes, IAC said.

IAC is an interactive commerce company based in New York.

Liberty Media, located in Englewood, Colo., owns interests in electronic retailing, media, communications and entertainment businesses, including IAC.

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