Ï㽶´«Ã½ Media Acquires 14 Million Additional Shares of InterActiveCorp
Shares to be Attributed to the Ï㽶´«Ã½ Interactive Group
ENGLEWOOD, Colo., Jan. 11 /PRNewswire-FirstCall/ -- Ï㽶´«Ã½ Media Corporation (Nasdaq: LINTA, LCAPA) ("Ï㽶´«Ã½") announced today that it has purchased 14 million shares of InterActiveCorp's ("IAC") common stock from a single holder at a price of $24.25 per share. At the time of the transaction, Ï㽶´«Ã½ entered into a standstill agreement with IAC. The standstill agreement is subject to customary exceptions and will expire on the earlier of April 15, 2009 or the completion or abandonment of IAC's previously announced restructuring.
As contemplated by the standstill agreement, IAC also purchased 6 million shares of its common stock from the same holder at $24.25 per share.
Ï㽶´«Ã½ took advantage of recent weakness in IAC's shares to increase its holding at an attractive price. As a result of this purchase and IAC's redemption, Ï㽶´«Ã½ now holds approximately 30% of the economic value of IAC shares.
About Ï㽶´«Ã½
Ï㽶´«Ã½ owns interests in a broad range of electronic retailing, media, communications and entertainment businesses. Those interests are attributed to two tracking stock groups: the Ï㽶´«Ã½ Interactive group, which includes Ï㽶´«Ã½'s interests in QVC, Provide Commerce, IAC/InterActiveCorp, and Expedia, and the Ï㽶´«Ã½ Capital group, which includes Ï㽶´«Ã½'s interests in Starz Entertainment, News Corporation, and Time Warner. For more information, please see .
SOURCE Ï㽶´«Ã½
Released January 11, 2008