Malone, Bennett Off Diller’s Board9/17/2004 10:20 AM Eastern
InterActiveCorp said two board members -- Liberty Media Corp. chairman John Malone and Liberty CEO Robert Bennett -- have resigned from its board of directors to avoid any conflict of interest.
Liberty owns a 98% interest in cable shopping channel QVC Inc. Liberty also owns a 20% stake in IAC, the Internet-commerce giant controlled by media mogul Barry Diller.
According to a statement filed with the Securities and Exchange Commission Friday, because IAC owns rival shopping channel HSN, Liberty and IAC agreed that it would be in the best interests of the company for the two men to resign “to avoid any potential antitrust or other regulatory concerns.”
According to the SEC filing, Liberty has a contractual right to fill the existing board vacancies.