Chairman of TripAdvisor Barry Diller is to step down after selling his stake in the review giant to the owner of the QVC shopping channel.
According to reports in the US, Liberty Interactive has bought Diller’s shares for $300 million making it the new majority shareholder.
The Associated Press reported Diller will remain at TripAdvisor as a director.
Liberty was reported to have paid $62.50 for the 4.8 million shares owned by Diller and The Diller-von Furstenberg Family Foundation.
It now controls 57% of the total votes of all classes of TripAdvisor common stock, Associated Press reported.
Liberty, run by John Malone, was the largest shareholder in TripAdvisor but did not control the majority of the votes.
Diller said: “Ever since we acquired TripAdvisor in 2004, it has been one of the smoothest and most trouble-free growth stories I’ve ever known.
“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 proved itself a fine steward and leader of its controlled businesses.”
TripAdvisor was spun off from previous owner Expedia in December last year with the site’s shares debuting on the NASDAQ for $29.