A judge has curbed plans by IAC/InterActiveCorp, the parent of Ask.com and Ticketmaster, to move ahead with a break-up into five publicly traded pieces, at least until a trial scheduled for March.
Delaware Chancery Judge Stephen Lamb ordered IAC directors to freeze any plans to give raises to top executives and give shareholder Liberty Media at least five days' warning before making any major strategic moves, Bloomberg reported.
Chief Executive Barry Diller's breakup plan, announced last year, calls for a core IAC, including Ask.com, to remain after the spin-off of the Ticketmaster, HSN home shopping network, LendingTree mortgage, and Interval International vacation timeshare units.
As part of the breakup, Mr. Diller proposed that the five companies move to a single-tier stock structure. That move, however, aroused the ire of Liberty Media, which would see its voting control cut from 62 percent to its 30 percent economic interest.
Control of the company is further muddied, however, by Mr. Diller's irrevocable proxy that authorizes him to vote Liberty shares.
Liberty Media is seeking to oust Mr. Diller and several members of the board of directors.