Diller testifies in IAC breakup suit

WILMINGTON, DEL. —  IAC/InterActiveCorp Chief Executive Barry Diller testified Thursday that his plan to break up the media conglomerate was in the best interests of shareholders.

“It was in the interest of all of those invested in IAC,” Diller said in a Delaware Chancery Court lawsuit pitting him against Liberty Media Corp. Chairman John Malone.

Diller announced in November that he wanted to spin off four of IAC’s businesses, including its HSN home shopping network and Ticketmaster ticketing service.

The plan is being challenged by Liberty, which owns about 30% of IAC equity but 62% of the voting power of its outstanding stock. Liberty contends that Diller’s plan for the spinoff companies to have a single-tier voting structure, with each share of common stock having equal voting power, unfairly dilutes its existing control of IAC.