Expedia Group said Tuesday it will buy out Liberty Expedia Holdings in an all-stock deal. Until now, Expedia has been controlled by the investment vehicle run by Expedia Chairman Barry Diller. After the deal, Diller will own approximately 29 percent of Expedia’s voting power.
The move removes the “super-voting” shares of billionaire media mogul John Malone, who agreed to the deal.
“[The deal] represents a strong benefit to our shareholders,” said Mark Okerstrom, CEO of Expedia Group, in a statement, “by simplifying and improving our corporate and governance structure and effecting a meaningful reduction in our share count.”
Barry Diller’s internet conglomerate IAC helped create Expedia. Diller made Dara Khosrowshahi the boss of Expedia in the mid-2000s and made Okerstrom boss in 2017 after Khosrowshahi’s departure for Uber.
Photo Credit: Shown here is Barry Diller. Expedia will stop being a controlled company by Diller’s vehicle after the deal is complete, and Chairman Barry Diller will own about 29% of the company’s voting power. Barry Diller, chairman of IAC/InterActiveCorp, spoke during a Bloomberg Television interview in New York, U.S., on Wednesday, Jan. 27, 2016. Chris Goodney / Bloomberg