Big move for Liberty Media and Barry Diller’s IAC today. The former has exchanged its entire equity stake in the Internet company for a combination of assets and cash in a transaction intended to be tax-free to both companies.
Liberty has exchanged approximately 12.8 million shares of IAC stock for all of the capital stock of a wholly-owned subsidiary of IAC that holds the Evite and Gifts.com businesses, and approximately $220 million in cash.
These assets will be attributed to the Liberty Interactive tracking stock group.
(Updates on the way)