Is Liberty Exiting IAC/InteractiveCorp Entirely? (IACI, LINTA, LINTB, LMDIB, LCAPA, LCAPB)

John Malone and Barry Diller had their full round of the boxing match last year.  But now it seems another fight may be under way.  Liberty Media Corp. has been unloading shares of IAC/InteractiveCorp (NASDAQ: IACI). There have been steady reports and filings over the last week (and even in prior weeks) showingthat Liberty was unloading those shares. But a new filing shows that sales are continuing into 2009, and you have to wonder if Liberty is on its way to just calling it a day.

It sold more than 1.3 millionshares at the very end of 2008.  A filing today showed another 344,000shares were sold off at prices of between $15.96 to$16.14.

This is so far not an exit from the stock.  That would take fartoo a high toll on Liberty.  It also still hasplenty of skin in the game with almost 27.2 million shares remainingafter the last filing.

This follows steady selling since the end of 2008.  It seems that BarryDiller’s victory over John Malone came with a price.

The Malone structure is complicated.  if you want to know which stock is which, here is a list:

• Liberty Media Interactive (NASDAQ: LINTA),
• Liberty Media Corporation (NASDAQ: LINTB),
• Liberty Media Corporation (NASDAQ: LMDIB),
• Liberty Media Capital (NASDAQ: LCAPA),
• Liberty Media Corporation (NASDAQ: LCAPB)

Jon C. Ogg
January 6, 2009