Sure they’re frenemies now. So forget the fact that, once upon a time, Michael Eisner worked for Barry Diller at Paramount and then betrayed him. Or that the two men became such bitter business rivals — Diller at Fox, Eisner at Disney — that Barry came to a Dopey Drive meeting with bodyguards. But that was then, and this is now. Diller obviously needs to pack his insider board with even more pals, not to mention a big media executive even more hated than himself. Besides, FrankenEisner has so much valuable experience to impart to Diller/IAC: how to lie to the media (when Michael was chairman/CEO of the Walt Disney Co. many examples of this came out during the shareholders lawsuit comparing his public statements to his private memos); how to put together one of the most insider boards in corporate history (something he did at Disney to the consternation of institutional investors); how to receive a resounding 43% ‘no confidence’ vote from shareholders (and lose the chairman title in 2005 and ultimately exit from the company). The earth will lose gravity and the universe will suffer a cataclysmic event when those two guys’ egos meet inside the IAC boardroom. From the release: 

NEW YORK (March 15, 2011) — IAC (Nasdaq: IACI) today announced that Michael Eisner has been elected to the company’s Board of Directors, effective March 10, 2011.  IAC’s Board was expanded to 13 members in connection with Mr. Eisner’s election.

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