NEW YORK: US internet and ecommerce giant IAC/InteractiveCorp has described as "preposterous" legal moves by 30% stakeholder Liberty Media to oust its chairman, Barry Diller, from the board.

The increasingly heated dispute between the two companies centres on IAC's plans to spin-off into five businesses and the subsequent share structure.

IAC condemned Liberty's lawsuit against Diller and several other directors. "Liberty's theory that it now controls IAC is incomprehensible", adding that the media titan – led by billionaire John Malone - has "gone off the deep end".

Data sourced from Financial Times Online; additional content by WARC staff