Barry Diller Steps Down as CEO of IAC

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Photo: Newscom, Getty Images

In a final corporate divorce between Barry Diller and his business partner John Malone, Diller has stepped down as CEO of IAC/InterActiveCorp. "It's been clear to me for some time that this company needs a full-time, aggressive, and aspirational executive in the CEO role," said Diller, who added that he's "not going anywhere" and will remain on as chairman. He's being replaced as CEO by young former Match.com chief executive Greg Blatt. IAC also announced that John Malone had sold his large equity stake in the company, which had been overseen by Diller. In 2008, the two famously and energetically battled one another ruthlessly in court over how Diller had used Malone's voting rights. (Diller, at one time, called Malone "crazy" and "insane," and Malone publicly mocked Diller's gauche high-flying lifestyle.) With the sale of Malone's shares, the pair's business partnership is now effectively undone (though they do sit on several boards together). Reuters reported that, for his shares, Malone got $220 million and control over Evite and Gifts.com. Presumably he can use both sites to continue what Diller has always called "a good friendship" between the pair.

Diller steps down as IAC CEO, Malone swaps stake for cash [Reuters]