Liberty Exits IAC For Evite, Gifts.com And $220M In Cash – Diller Steps Down As CEO

Big move for Liberty Media , IAC and the latter's Barry Diller today. The former has exchanged its entire equity stake in the Internet holding 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. Barry Diller is also stepping down as IAC's CEO, and will be replaced by Greg Blatt , formerly chief executive of IAC portfolio company Match.com .