Mogul moves aside at TripAdvisor

Click to follow
The Independent Online

The billionaire media mogul Barry Diller is to move out of the chairman's suite at TripAdvisor after handing control of the online travel information business to John Malone's Liberty Interactive investment firm.

In a filing today, Liberty said it had picked up about 5 million shares from Mr Diller and the Diller-von Furstenberg Family Foundation for $62.5 apiece, or around $300m (£187m), a significant premium to the TripAdvisor share price of around $41 in early afternoon trade.

Mr Diller, who will stay on as a director, said he is selling his interests and stepping down as chairman only because "I have more obligations than time." Liberty has around 57 per cent of TripAdvisor's voting shares, and 22 per cent of its common stock.