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USA Networks buys into loss making travel dotcom

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Media company USA Networks said today it would buy a 75 per cent stake in travel dotcom Expedia.

As part of the deal, Microsoft is to shift its 70 per cent stake in Expedia, or 33.7 million shares, to USA Networks. The amount paid for the online travel company was not disclosed.

USA also plans to buy online travel outfit National Leisure Group, and to start a travel-related cable TV channel.

In a separate announcement, Expedia said it expected to report that sales had more than doubled for the fourth quarter ended 30 June compared to the previous year.

It also forecast a net loss of between $5.5 million and $7.5 million for the quarter. ®

Related Link

USA Networks statement

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