Barry Diller, the chairman of Expedia, recently stated in an interview with CNBC that the rumored acquisition of Uber by Expedia is not going to happen. The speculation of Uber potentially bidding for Expedia was revealed in a report from the Financial Times last month. The interest from Uber was at a very early stage, and despite both companies being in the travel industry, Diller emphasized that a deal between the two is off the table. Diller noted that while an industrial combination between Uber and Expedia would make sense, he does not see a merger or acquisition taking place.
One reason the potential deal between Uber and Expedia caught attention is that Dara Khosrowshahi, Uber’s CEO, previously served as the CEO of Expedia Group from 2005 to 2017 and still remains on the board. When asked about the possibility of Expedia merging with or being acquired by another entity, Diller expressed his skepticism about such a scenario, stating that he believes Expedia is entering a period of real growth. He praised the current leadership of Expedia, likely referring to CEO Ariane Gorin, who assumed the position earlier this year. Diller emphasized that now would not be the right time for Expedia to consider exchanging its shares.
With $3.6 billion in revenue for the second quarter, a 6% year-over-year increase, and a market capitalization of around $20 billion, Expedia has been performing well. Its stock has also seen significant growth of over 40% in the past 12 months. Despite these positive trends, Diller remains opposed to the idea of Expedia being sold. He mentioned that as a significant shareholder, he has the power to prevent any deals from going through. Expedia is scheduled to report its third-quarter earnings on Thursday, which will provide further insight into the company’s financial performance.
In addition to discussing the potential deal between Expedia and Uber, Diller also commented on Jeff Bezos, the founder of Amazon, and his recent decision regarding The Washington Post. Bezos decided to end the newspaper’s tradition of endorsing presidential candidates and reportedly declined to endorse Vice President Kamala Harris. Diller, who is familiar with Bezos, described the decision as principled but poorly timed, leading to backlash from the public. Bezos acknowledged the mistake and expressed regret that the decision was made close to the election, causing emotions to run high.
Diller also shared his thoughts on the upcoming election and expressed his preference for a certain outcome. He mentioned that if former President Donald Trump were to win, it would lead to a reform of the Democratic Party, which he views as healthy. Conversely, if Trump were to lose, Diller believes it would signify the end of his political career. Overall, Diller’s comments reflect his viewpoints on various business and political matters, highlighting his insights and opinions on current events in the industry and beyond.
