ENGLEWOOD, Colo. (AP) — Barry Diller is stepping down as chairman of TripAdvisor and selling his stake in the travel-website owner to Liberty Interactive.
Liberty Interactive bought 4.8 million shares of TripAdvisor Inc.'s common stock from Diller and The Diller-von Furstenberg Family Foundation for a total of about $300 million, making it the travel website's new majority shareholder.
Shares of TripAdvisor jumped 8.2 percent to $41.55 in afternoon trading Tuesday.
Diller, a former Fox and Paramount executive, said he has other obligations to attend to.
Diller will remain a director at TripAdvisor, based in Newton, Mass. He also serves as chairman of IAC/InterActiveCorp.
Liberty spent $62.50 per share. It now owns and controls 18.2 million shares of TripAdvisor's common stock and 12.8 million shares of its Class B common stock. That's about 22 percent of the equity and 57 percent of the total votes of all classes of TripAdvisor common stock.
Jefferies analyst Brian Fitzgerald said the deal will "makes TripAdvisor's ownership structure less complicated and will potentially lead to more streamlined execution" but won't change the company fundamentally.