Mogul moves aside at TripAdvisor
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Tuesday 11 December 2012
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.
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