Liberty Media Appeals IAC Breakup Ruling

Liberty, which is the majority voting shareholder at IAC filed the appeal on Wednesday of the March 28 order in the Delaware Supreme Court.

The judge in that case ruled that Liberty could not prove that IAC chairman Barry Diller's plan to break up the company violated an agreement between himself and Liberty's chairman John Malone.

IAC has proposed spinning off various properties into separate companies, including HSN home shopping network, Ticketmaster, LendingTree.com and Interval International, a time-share exchange.

The plans would set up a single-vote-per-share structure at the new companies. Liberty believes the new structure would dilute its voting power in the new companies.

Liberty's chief Executive Greg Maffei disclosed the filing during a conference call with analysts.

During the conference call, in response to a question about the court ruling and the company's options, Maffei said he believes there are a "host of options that are imaginable," according to Bloomberg.

He said the company believes Liberty "filed in a time to potentially appeal if [IAC goes] forward on a basis we don't like."