You will be redirected back to your article in seconds

Vulcan, Liberty to beam up Priceline stox

Companies also receive options in Walker Digital as part of deal

John Malone’s Liberty Media Group and Microsoft co-founder Paul Allen’s Vulcan Ventures have acquired $190 million in Priceline.com stock, the duo said Tuesday.

Dot-com enables Netizens to bid on airline tickets, hotels and home insurance.

Under terms of the contract, the companies are buying 8 million shares from founder Jay Walker. Priceline said much of the funding will be funneled into the company’s discount retail site WebHouse Club, an online discounted groceries and gasoline service also founded by Walker.

As part of their investment in Priceline, Liberty Media and Vulcan Ventures are also receiving options from Walker to acquire an equity interest in Walker Digital at exercise prices based on valuations of $1.5 billion-$1.8 billion.

Walker said he will use about $125 million of the after-tax proceeds of the investment to participate in WebHouse’s third round of financing.

WebHouse has already received funding from Liberty, Vulcan, Goldman Sachs, Wit Capital and Walker himself, among others.

The shares taken by Liberty and Vulcan represent a small percentage of Walker’s Priceline holdings; Walker said he remains “by far the largest shareholder” in the company.

Investment should help Priceline boost its offerings even as rivals are closing in.

Six major airlines, including American and United Airlines, are developing Hotwire, which plans to offer discounts on airline tickets, hotel rooms and car rentals online.

Shares of Priceline.com were up $1.31 to close at $24.94, a gain of 6%. Company hit its 52-week low in July.

More Biz

  • Hong Kong Disneyland Remains in the

    Hong Kong Disneyland Remains in the Red but Reduces Losses

    The Hong Kong Disneyland Resort theme park remained in the red for the fourth straight year, but there are signs of improvement. For the financial year to end-September 2018, HKDL reported $769 million (HK$6 billion) of revenue from 6.7 million visitors, an increase of 8%. Net losses fell from $32 million (HK$291 million) to $6.92 [...]

  • Lisa Borders Time's Up

    Time's Up President Lisa Borders Resigns

    Lisa Borders has resigned as president of Time’s Up, she and the organization announced on Monday. Borders is resigning due to family issues, she said in a statement. Time’s Up COO Rebecca Goldman will now serve as interim CEO. “As Time’s Up continues to grow, I am proud of the work I have done to [...]

  • Jussie Smollett Good Morning America

    Jussie Smollett Angrily Denies Complicity in Attack

    Attorneys for “Empire” actor Jussie Smollett issued a statement Saturday denying that he orchestrated his Jan. 29 assault, and saying he is “angered” and “devastated” by recent developments in the case. Chicago police want to interview Smollett, after learning new evidence from two Nigerian brothers who were released on Friday night. Local media outlets have [...]

  • Walt Disney Archives Founder Dave Smith

    Walt Disney Archives Founder Dave Smith Dies at 78

    Walt Disney Archives founder Dave Smith, the historian who spent 40 years cataloging and preserving the company’s legacy of entertainment and innovation, died Friday in Burbank, Calif. He was 78. Smith served as Disney’s chief archivist from 1970 to 2010. He was named a Disney Legend in 2007 and served as a consultant to the [...]

  • Colin Kaepernick Kneel

    Colin Kaepernick, Eric Reid Reach Settlement With NFL

    Colin Kaepernick and Eric Reid, two football players who alleged the National Football League colluded to oust them from the game after they started kneeling in protest of racial inequality during the playing of the national anthem, have reached a settlement in the matter, according to a statement from the sports organization and lawyers representing [...]

  • R. Kelly

    R. Kelly Could Be in ‘Big Trouble’ Over Alleged New Sex Tape, Attorney Says

    Strong allegations of sexual misconduct have followed R. Kelly for 25 years, but the singer has always managed to slip free. Yet reports that a videotape of him sexually assaulting an underage girl, combined with the outcry surrounding the Lifetime documentary “Surviving R. Kelly,” means that public sentiment, at the very least, is definitely not [...]

  • Christian Bale as Dick Cheney in

    New Media Residuals and Feature Films Contribute to Spike in Writers' Pay

    The outlook for members of the Writers Guild of America has brightened — even amid pervasive uncertainty in the entertainment industry. According to the most recent report to WGA West members, earnings surged 2.8% to $1.41 billion in 2017, thanks mostly to gains in feature films and new-media residuals. Total covered earnings for WGA West [...]

More From Our Brands

Access exclusive content