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twitterUSA Networks buying shares
Thursday, Feb. 21, 2002 | 10 a.m.
Bellevue, Wash.-based Expedia Inc. today said USA Networks will buy 936,815 Expedia shares in a deal worth $47 million or $50.17 per share.
Expedia, which owns Travelscape of Las Vegas, said the proceeds will be used to retire the outstanding debt of Classic Vacation Group as part of Expedia's previously announced acquisition of travel wholesaler Classic Custom Vacations.
The purchase brings USA's interest in Expedia to more than 35 million common shares, giving it a 64.6 percent stake in the online travel service and 94.9 percent of the voting interest in Expedia.
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