The announcement was coupled with a transaction with Liberty Media Corp., which had held a controlling stake in IAC. In the deal, Liberty Media exchanged its stake in IAC for $220 million and an IAC subsidiary that includes Evite and Gifts.com.
Additionally, Diller exchanged his IAC common stock with the Class B IAC common stock held by Liberty Media. As a result of that deal and the rights to acquire more stock over the next nine months, Diller is poised to control 41% of IAC's voting shares.
“It's been clear to me for some time that this company needs a full-time, aggressive and aspirational executive in the CEO role,” Diller said in a statement. “While I'm not going anywhere, IAC, with its operating businesses growing, large cash resources and virtually no debt, needs the kind of leadership that Greg Blatt can bring it in order to continue to grow and thrive many years into the future.”