Englewood, Colo.-based Liberty Interactive Corp. said that it would spin off its stakes in travel website TripAdvisor Inc. and New Berlin-based online retailer BuySeasons into a new publicly-traded company known as Liberty TripAdvisor Holdings.
Liberty Interactive also said it would split into two tracking stocks, one for its cable shopping business QVC and the other for its e-commerce holdings including digital invitation site Evite.
Liberty TripAdvisor Holdings will be comprised of, among other things, Liberty’s 22 percent economic and 57 percent voting interest in TripAdvisor, as well as Liberty’s BuySeasons business, which is currently a part of Liberty’s subsidiary Celebrate Interactive LLC.
BuySeasons would be reattributed from the Liberty Interactive Group to the Liberty Ventures Group prior to the spin-off and cash equal to the fair market value of BuySeasons would be reattributed from the Liberty Ventures Group to the Liberty Interactive Group.
In January, Buyseasons chief executive officer Dan Haight left the company and was replaced by Dev Mukherjee, who had been a senior vice president in Sears Holdings Corp.’s home appliances division.
