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BUSINESS
June 1, 2002 | Reuters
USA Interactive Inc., the slimmed-down successor to USA Networks, said it plans to buy travel services company Interval International Inc. for about $578million in stock and cash to help build its online travel packages business. Miami-based Interval derives sales from fees paid by consumers and resort developers for vacation timeshares and other travel-related services. USA is buying Interval from Chicago-based private equity firm Willis, Stein & Partners and other investors.
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BUSINESS
June 7, 2003 | From Bloomberg News
USA Interactive said it agreed to purchase $407.4 million in warrants to buy its own stock from Vivendi Universal, which is trying to raise cash to pay debt. Paris-based Vivendi received the warrants to buy USA stock as part of its agreement last year to buy USA's entertainment business, including the USA and Sci-Fi Channel cable television networks. Vivendi is seeking buyers for the networks and Universal Studios. Vivendi still owns 56.
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BUSINESS
October 25, 2002 | Reuters
Media mogul Barry Diller's USA Interactive Inc. said that third-quarter cash earnings rose sharply from strength in its online units, including Expedia Inc. and Hotels.com, which offset weakness at its Home Shopping Network. Quarterly cash earnings, which adjusts for one-time charges and noncash items, rose to $65.7 million, or 14 cents a share, compared with $6 million, or 1 cent a share, last year. USA says this is the best gauge of the company's performance. Revenue rose to $1.
NEWS
May 2, 2003 | From Bloomberg News
USA Interactive, the online commerce company headed by Barry Diller, said Thursday that its first-quarter loss narrowed as sales increased at its Expedia Inc. and Hotels.com Internet travel services. The stock rose 9.1%. The net loss shrank to $112.1 million, or 23 cents a share, from $438.6 million, or $1.04, a year earlier. Revenue jumped 43% to $1.39 billion, USA said.
BUSINESS
June 6, 2002 | BRAD FOSS, ASSOCIATED PRESS
USA Interactive Inc. on Wednesday said it has "no intention" of increasing its offer to buy the shares it does not own of three publicly traded subsidiaries, Expedia Inc., Hotels.com and Ticketmaster, even though the value of the deal had dropped by roughly $400 million in three days. At the same time, the media giant acknowledged that it might have to discuss "other possible transaction structures" to get the deal done. It said it would delay a tender offer.
BUSINESS
December 10, 2002 | From Bloomberg News
USA Interactive expects profit before some expenses to rise 66% annually as more consumers use its Internet commerce sites, which include online travel agency Expedia, Vice Chairman Victor Kaufman said. Kaufman also said USA probably would make more acquisitions in 2003 than it did this year. USA is trying to buy companies whose sales can be boosted on the Internet. This year, those included time- share-resort operator Interval Acquisition Corp. Shares of New York-based USA Interactive fell $1.
BUSINESS
January 7, 2003 | Sallie Hofmeister, Times Staff Writer
Media mogul Barry Diller is said to be making a "night job" out of running troubled Vivendi Universal's entertainment operations. That's a good thing because his day job just got tougher. Diller was caught Monday in a nasty market squeeze as Hotels.com, a unit in his Internet empire, slashed its financial projections, triggering a plunge in its own stock and taking that of three other Diller-related ventures down with it. Shares of Hotels.com dropped 25%.
BUSINESS
June 7, 2003 | From Bloomberg News
USA Interactive said it agreed to purchase $407.4 million in warrants to buy its own stock from Vivendi Universal, which is trying to raise cash to pay debt. Paris-based Vivendi received the warrants to buy USA stock as part of its agreement last year to buy USA's entertainment business, including the USA and Sci-Fi Channel cable television networks. Vivendi is seeking buyers for the networks and Universal Studios. Vivendi still owns 56.
BUSINESS
February 13, 2003 | From Reuters
Vivendi Universal raised more cash to cut its debt when it sold some USA Interactive securities for $240 million, sending shares of the online commerce firm tumbling. Vivendi said it was selling 28 million of its warrants on USA Interactive stock in a deal linked to a wider transaction announced by Deutsche Bank's Luxembourg arm to launch a $805-million exchangeable bond. USA Interactive shares fell almost 9% to $22.
BUSINESS
December 13, 2002 | From Reuters
USA Interactive, the Internet commerce company run by Barry Diller, restructured management ranks into three core categories and said the head of its electronic retailer, HSN, is leaving. The company -- home to travel firms Expedia Inc. and Hotels.com, Ticketmaster and dating service Match.com -- said it would reorganize operations into three groups: information and services, electronic retailing and travel services. Shares of New York-based USA fell 35 cents to $24.34 on Nasdaq.
BUSINESS
April 18, 2003 | Richard Verrier
Vivendi Universal returned fire at Barry Diller's USA Interactive, saying its lawsuit was "without merit" and a negotiating ploy. USA Interactive accused Vivendi on Tuesday of reneging on a commitment to cover approximately $620 million in taxes arising from its interest in Vivendi Universal Entertainment, created last year when USA sold its movie and television properties to Vivendi for about $11 billion. The company, which is seeking buyers for its U.S.
BUSINESS
April 16, 2003 | Richard Verrier, Times Staff Writer
The rancor between Barry Diller and former partner Vivendi Universal escalated Tuesday as the media mogul's company filed a lawsuit accusing the entertainment giant of reneging on an agreement to pay taxes. The unusual action comes nearly one month after Diller stepped down from his temporary position as chairman of Vivendi Universal Entertainment, the joint venture created last year when Diller sold his USA entertainment holdings to Vivendi in a deal valued at about $11 billion.
BUSINESS
April 11, 2003 | From Bloomberg News
Barry Diller's USA Interactive agreed to acquire the 32% of Hotels.com it doesn't already own for about $1.1 billion in stock, the final step in Diller's plan to buy USA's publicly traded units. USA will swap 2.4 shares for each share of Hotels.com, an online seller of discounted hotel rooms. The price values Hotels.com at about $60.24 a share, 13% more than its closing price Wednesday. Hotels.com will remain separate from USA's Expedia Inc., the largest online travel agency.
BUSINESS
February 13, 2003 | From Reuters
Vivendi Universal raised more cash to cut its debt when it sold some USA Interactive securities for $240 million, sending shares of the online commerce firm tumbling. Vivendi said it was selling 28 million of its warrants on USA Interactive stock in a deal linked to a wider transaction announced by Deutsche Bank's Luxembourg arm to launch a $805-million exchangeable bond. USA Interactive shares fell almost 9% to $22.
BUSINESS
February 7, 2003 | Richard Verrier
Media mogul Barry Diller's e-commerce company, USA Interactive, reported a large fourth-quarter profit, primarily from its travel businesses, dating service and an $80-million tax gain. The New York company reported net income of $148.1 million, or 30 cents per share, in the three months ended Dec. 31, versus a loss of $46.4 million, or 15 cents, a year earlier. Revenue increased to $1.34 billion from $948.5 million in 2001.
BUSINESS
January 7, 2003 | Sallie Hofmeister, Times Staff Writer
Media mogul Barry Diller is said to be making a "night job" out of running troubled Vivendi Universal's entertainment operations. That's a good thing because his day job just got tougher. Diller was caught Monday in a nasty market squeeze as Hotels.com, a unit in his Internet empire, slashed its financial projections, triggering a plunge in its own stock and taking that of three other Diller-related ventures down with it. Shares of Hotels.com dropped 25%.
BUSINESS
July 12, 2002 | Reuters
Expedia Inc. rebuffed a takeover offer from its biggest shareholder, USA Interactive, run by media mogul Barry Diller, on grounds that it saw more growth potential if it remained independent. A special committee of Expedia's board of directors, which considered Diller's offer for the 37% of the Web travel agent that USA Interactive does not already own, said the company's "stand-alone prospects continue to be excellent." Expedia shares closed up 34 cents at $58.
BUSINESS
April 11, 2003 | From Bloomberg News
Barry Diller's USA Interactive agreed to acquire the 32% of Hotels.com it doesn't already own for about $1.1 billion in stock, the final step in Diller's plan to buy USA's publicly traded units. USA will swap 2.4 shares for each share of Hotels.com, an online seller of discounted hotel rooms. The price values Hotels.com at about $60.24 a share, 13% more than its closing price Wednesday. Hotels.com will remain separate from USA's Expedia Inc., the largest online travel agency.
BUSINESS
December 10, 2002 | From Bloomberg News
USA Interactive expects profit before some expenses to rise 66% annually as more consumers use its Internet commerce sites, which include online travel agency Expedia, Vice Chairman Victor Kaufman said. Kaufman also said USA probably would make more acquisitions in 2003 than it did this year. USA is trying to buy companies whose sales can be boosted on the Internet. This year, those included time- share-resort operator Interval Acquisition Corp. Shares of New York-based USA Interactive fell $1.
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