Tripadvisor stock sinks as panel rules out sale for now

Liberty Media

08/05/2024 16:12

May 8 (Reuters) - Tripadvisor  TRIP.O  shares slumped
38% and were on track for their worst day ever on Wednesday,
after the online travel agency ruled out a possible sale at this
time and posted a surprise quarterly loss.
    Tripadvisor first disclosed in February that Liberty
TripAdvisor Holdings  LTRPA.PK , its controlling shareholder,
had been approached by at least one bidder for its controlling
stake in the travel agency.
    A special committee formed to explore options, including a
potential sale, has determined there is no transaction with a
third party that is in the best interests of the company at this
time, Tripadvisor said on Wednesday.
    "The special committee will continue to evaluate proposed
alternatives as appropriate. There can be no assurance that any
transaction will result," CEO Matthew Goldberg said on a
post-earnings call with analysts on Wednesday.
    Tripadvisor reported a first-quarter loss of 43 cents per
share on Wednesday, while analysts on average expected a profit
of 2 cents, according to LSEG data.
    Liberty TripAdvisor is one of media mogul John Malone's
publicly traded vehicles. It holds a 56% stake in Tripadvisor
and is controlled by Liberty Media  FWONA.O  CEO Greg Maffei,
who is also Tripadvisor's chairman.


 (Reporting by Kannaki Deka in Bengaluru; Editing by Shilpi
Majumdar)
 ((Kannaki.Deka@thomsonreuters.com;))