Liberty Interactive Corp has filed with regulators to spin off its stake in TRIP, Reuters reported today.
The news sent TRIP stock up 3.5% in early morning trading.
The new company will be known as Liberty TripAdvisor Holdings — retaining a 22% stake in TRIP and full ownership of BuySeasons.
Liberty TripAdvisor will offer 72.6 million series A common shares valued at up to $3.07 billion and also offer 2.9 million series B common shares, Liberty Interactive said in a regulatory filing on Tuesday.
John Malone, who is also the chairman of Liberty Media Corp (LMCA.O) and is known as the “King of Cable”, is expected to own 29 percent of the voting shares in Liberty TripAdvisor.
Current Liberty Interactive chief executive Greg Maffei will head the new company.
Liberty TripAdvisor will list shares on NASDAQ under “LTRPA” and “LTRPB.”
TRIP stock is up 52% from last year.