IAC in talks with investors over business units:WSJ
IAC/InterActiveCorp is talking to potential investors interested in the four business units the Internet conglomerate plans to spin off, such as its HSN shopping network and Ticketmaster box office service, the Wall Street Journal reported on Satu...
By Agencies |
NEW YORK: IAC/InterActiveCorp is talking to potential investors interested in the four business units the Internet conglomerate plans to spin off, such as its HSN shopping network and Ticketmaster box office service, the Wall Street Journal reported on Saturday.
Several large retailers have shown interest in HSN, while private equity firms may seek to invest in time-share exchange company Interval International, the report said, citing sources familiar with the situation. The other two units, Ticketmaster and LendingTree, are also attracting interest.
According to the report, the discussions range from taking a stake in one of the units or in some cases buying a division outright.
IAC Chief Executive Barry Diller launched a legal dispute this week with the company's major shareholder, Liberty Media , over the future control structure of the four units when they are spun off.
Diller, who holds the right to vote Liberty's shares in IAC under a long-held agreement, seeks to eliminate a dual-class share structure for the businesses that are spun off. The current structure gives Liberty nearly 62 percent voting control over all of IAC, though it holds about 30 percent of the company's stock.
ADVERTISEMENT
In a lawsuit filed earlier this week, Diller said IAC's units would be more attractive to outside investors if they followed a single-tier share structure.
Liberty has fought back in a countersuit, charging Diller of staging a corporate coup to dilute its investment in IAC and make money off of his own equity in the company.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
