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USA completes deal for Expedia stake

Expedia said Tuesday that the long-delayed sale of Microsoft's stake in the online travel site to USA Networks was finalized Monday. USA Networks agreed in July to buy up to 75 percent of Expedia's outstanding shares--including the 33.7 million owned by Microsoft--under a plan to boost its Internet holdings. Additionally, Expedia said, 1 million shares were exchanged by its shareholders for USA securities, which brought USA's ownership in the company to about 65 percent of the basic shares outstanding. The deal to buy the Expedia stake was held up while USA was negotiating an agreement to sell its entertainment unit to Vivendi Universal. Once the Vivendi deal closes, USA will be renamed USA Interactive. USA Interactive will include HSN.com, Ticketmaster.com, Match.com, Hotel Reservations Network and Expedia.

Expedia said Tuesday that the long-delayed sale of Microsoft's stake in the online travel site to USA Networks was finalized Monday. USA Networks agreed in July to buy up to 75 percent of Expedia's outstanding shares--including the 33.7 million owned by Microsoft--under a plan to boost its Internet holdings.

Additionally, Expedia said, 1 million shares were exchanged by its shareholders for USA securities, which brought USA's ownership in the company to about 65 percent of the basic shares outstanding. The deal to buy the Expedia stake was held up while USA was negotiating an agreement to sell its entertainment unit to Vivendi Universal. Once the Vivendi deal closes, USA will be renamed USA Interactive. USA Interactive will include HSN.com, Ticketmaster.com, Match.com, Hotel Reservations Network and Expedia.