John Malone Pays Barry Diller $300 Million for Controlling Stake in TripAdvisor Deadline
Media moguls John Malone and Barry Diller appear to have put their differences behind them, at least for the moment, Deadline.com reports. Diller stepped down as chairman and senior executive of TripAdvisor after Malone’s Liberty Interactive bought a controlling stake in the Internet’s top travel site, the piece reports.
Liberty, which includes the QVC shopping channel, bought 4.8 million shares for $62.50 a share, the story reports. “Liberty’s mix of Series B shares (which have 10 votes apiece) and Series A ones (one vote apiece) leave Liberty with 57% of the TripAdvisor votes, but just 22% of the equity,” the Deadline piece adds.
Said Diller: “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.”
Diller will stay on as a director of TripAdvisor, the piece notes.
“Liberty CEO Greg Maffei says that his company’s ‘increased investment’ in the travel site will make it ‘a strong addition to our portfolio,’” the piece reports.
The story adds: “Malone helped Diller change himself from Hollywood mogul to e-commerce entrepreneur in 1995 by giving the former head of Fox control of Home Shopping Network. But the relationship hit the skids in 2008; Liberty sued Diller saying that his plan to divide IAC into five separate companies diluted Malone’s investment. They clashed again in 2010 when Malone helped the effort to oust Diller as chairman of Live Nation.”