MediaFile

With friends like Liberty Media Chairman John Malone who needs enemies? He’s ratcheted up his duel with long-time pal and business partner Barry Diller, chair of IAC/InterActiveCorp by asking a court to remove Diller, his wife Diane Von Furstenberg, Edgar Bronfman Jr (Warner Music CEO) and several other directors from the IAC board.

The problem? Well as Liberty sees it those board members are breaching their fiduciary duty with a plan to dilute Liberty’s voting control over IAC’s businesses in a proposed spin-off of four of its largest units.

You may recall Liberty owns nearly 30 percent of IAC but has almost 62 percent voting control, which Diller has the right to vote.

Naturally as one mogul to another Diller has reacted with typical bombastic style in a statement describing Liberty’s attempt to take control of the Internet conglomerate “preposterous” and “a desperate sideshow”.

“Liberty has now gone off the deep end,” said IAC. See here:

Oh and to answer that earlier question about friends and enemies. Maybe Barry Diller should consult News Corp chief Rupert Murdoch who had to give up DirecTV to Malone last year after his friend came close to threatening Murdoch’s control of his company by stealth buying of News Corp.’s stock.

(Reuters)

Keep an eye on:

• Yahoo’s Q4 earnings will be “strong” says Henry Blodget. (Silicon Alley Insider)
• UK regulators ask News Corp’s BSkyB to cut stake in rival broadcaster ITV. (Reuters)
• The Wall Street Journal could be moving from Wall Street to midtown. (New York Times)