RealTime IT News

Expedia Merger Vote Back on Tap

Bellvue, Wash.-based travel site operation Expedia Inc. has rescheduled a shareholder meeting to vote on its merger with a subsidiary of USA Networks Inc.

The vote had been delayed when Paris-based Vivendi Universal agreed to a $10.3 billion deal with USA Networks in a move aimed at improving distribution of the French media giant's music and movies.

Expedia said the shareholder meeting will be reconvened Feb. 4 for a vote on the deal that it said "will leave Expedia surviving as a public company controlled by USA."

The Dec. 17 Expedia annual shareholders' meeting was adjourned based on USA's announcement that it had entered into a deal with Vivendi under which USA would contribute its entertainment businesses to a joint venture that would also hold the businesses of Universal Studios Group.

There are no changes in the terms of the Expedia/USA transaction as described in Expedia's proxy statement dated Nov. 13, 2001.