Top News

Liberty Interactive acquires controlling stake in TripAdvisor

Liberty Interactive Corporation has taken a voting control
of TripAdvisor, the online travel group for $300 million. As part of the transaction,
Liberty now owns and controls 18,159,752 shares of common stock and 12,799,999
shares of Class B common stock of TripAdvisor. Bary Diller has resigned as
Chairman of the Board of Directors and as Senior Executive of TripAdvisor, but
will continue serving as a director of TripAdvisor.

Liberty Interactive Corporation has taken a voting control
of TripAdvisor, the online travel group for $300 million. As part of the transaction,
Liberty now owns and controls 18,159,752 shares of common stock and 12,799,999
shares of Class B common stock of TripAdvisor. Bary Diller has resigned as
Chairman of the Board of Directors and as Senior Executive of TripAdvisor, but
will continue serving as a director of TripAdvisor.

Diller’s InterActiveCorp (IAC) acquired TripAdvisor in 2004,
four years after it was founded. Both Expedia and TripAdvisor were under the
IAC umbrella.

“Ever since we acquired TripAdvisor in 2004 it’s been one of
the smoothest and most trouble-free growth stories I’ve ever known,” said Barry
Diller, adding, “During that time it grew from a startup with $23 million in
annual revenues to a $5 billion plus public company with a global brand that
operates the world’s largest travel site. My only reason for resigning as
Chairman and disposing of my interests is that I have more obligations than
time and transferring control of TripAdvisor to Liberty is something I’m very
comfortable with – Liberty has proven itself a fine steward and leader of its
controlled businesses.”

“It has been a pleasure to work with Barry and we appreciate
his outstanding leadership through the years. I thank him for his numerous
contributions and look forward to his continued involvement with our Company as
a member of our Board,” said Steve Kaufer, co-founder and CEO of TripAdvisor.

“We are pleased to take voting control of our longstanding
stake in TripAdvisor,” said Greg Maffei, Liberty President and CEO.
“TripAdvisor is an established leader in the travel industry and our increased
investment in the company is a strong addition to our portfolio.”

Liberty Interactive Corporation operates and owns interests
in a broad range of digital commerce and is currently attributed to two
tracking stock groups: Liberty Interactive Group and Liberty Ventures Group.
The Liberty Interactive Group is primarily focused on digital commerce and
consists of Liberty Interactive Corporation’s subsidiaries Backcountry.com,
Bodybuilding.com, Celebrate Interactive (including Evite and Liberty
Advertising), CommerceHub, MotoSport, Provide Commerce, QVC, Right Start, and
Liberty Interactive Corporation’s interests in HSN and Lockerz.

The Liberty Ventures Group consists of Liberty
Interactive Corporation’s non-consolidated assets, including interests in AOL,
Expedia, Interval Leisure Group, Time Warner, Time Warner Cable, Tree.com
(Lending Tree), TripAdvisor and various green energy investments.

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close