IACI Board Begins Break-Up Work

The board of IAC/InterActive Corp., in a meeting Monday, began the first of several meetings to finalize plans to break the company into five publicly traded entities.

IAC Chief Barry Diller is unlikely to work a stock swap that would allow a clean break from John C. Malone's Liberty Media.

Speculation had surfaced that IAC would offer Malone its home shopping unit, HSN, and possibly other assets as part of IAC’s plans to split the company into five separate companies but Diller has denied that.

The New York Post reported that the two one-time friends were back in negotiations over the breakup of Diller’s internet conglomerate, the first since a Delaware Court of Chancery judge ruled in favor of Diller in the battle for control of IAC.

In March, the judge ruled that Diller could go forward with the plan to split up IAC, thwarting an attempt by Malone to block the deal and oust Diller.

"I am pleased that we were able to amicably resolve our dispute with IAC," Malone said in a statement. Diller added in the same statementt: "Now it's really over and that's great for both of us."