The shares were purchased from Barry Diller, who relinquished his majority control and is stepping down from his position as chairman. The media mogul acquired TripAdvisor through InterActiveCorp (IACI) in 2004.
“My only reason for resigning as chairman and disposing of my interests is that I have more obligations than time and transferring control of TripAdvisor to Liberty is something I'm very comfortable with -- Liberty has proven itself a fine steward and leader of its controlled businesses," Diller said.
TripAdvisor has yet to find a replacement for Diller, who will continue serving on the board as a director.
Billionaire John Malone’s Liberty, which was already TripAdvisor’s largest shareholder, now owns about 22% of TripAdvisor’s shares, giving it control over 57% of total votes.
TripAdvisor co-founder and CEO Steve Kaufer touted the importance of having Liberty as a shareholder and said he looks forward to expanding the relationship in the future.
Shares of TripAdvisor were up more than 9% to $41.85 in recent trade and up about 52% since January. The company’s stock was halted prior to the announcement and then again shortly after the market opened on Tuesday after triggering a circuit breaker.