Expedia - USA Networks Deal Still Expected To go Ahead

The USA Networks-Expedia deal will close in the first or second quarter, a USA official said.

“It will close and it will close on the terms already in the deal,” said Jon Miller, president and chief executive officer of USA Information & Services, the unit that includes TicketMaster, Hotel Reservations Network and other businesses.


Miller spoke here Jan. 8 at the Salomon Smith Barney 12th Annual Entertainment, Media & Telecommunications Conference.


The deal, in which USA would take a majority stake in Microsoft-controlled Expedia, hit a snag in mid-December when USA agreed to sell its entertainment assets to Vivendi Universal for $10.3 billion.


At the time, Expedia took an approval vote off the agenda of its Dec. 17 shareholder meeting and said it would submit new documentation in anticipation of a shareholder special meeting in 2002.

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Miller, in addressing the investor conference, said the USA-Expedia deal is going through a routine “mechanical process” and that there was no reason to believe that it will not close by the end of the first quarter or early in the second quarter.


www.expedia.com

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