John Malone continues to create more tracking stocks and spinoffs. Click the diagram below for a larger image.
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liberty tripadvisor holdings LTRPA/B
Thoughts on LVNTA, LINTA, LTRPA
Liberty Ventures is currently in the process of spinning off Liberty TripAdvisor Holdings.
- TripAdvisor shares (normal shares and supervoting shares) will go from Ventures to TripAdvisor Holdings.
- Holdings will take out a $400M margin loan.
- Holdings will pay Interactive $350M for BuySeasons. (EDIT: This may be wrong. See the bottom of this post.) It will hang onto $50M.
I don’t think that Interactive, Ventures, or TripAdvisor will be that attractive. TripAdvisor has extremely high growth and seems to be a wonderful business. However, its multiple is very high (a P/E ratio of 66). I think that Malone may sell his personal stake in TripAdvisor for something cheaper.
