EXHIBIT 99.1
EXPEDIA, INC. ANNOUNCES EXECUTIVE APPOINTMENTS
PARTNER SUPPLY GROUP TO FOCUS WORLDWIDE SUPPLIER EXPERTISE,
IMPROVE SUPPLIERS' EXPERIENCE
BELLEVUE, WASH. - THURSDAY, JULY 14 - Expedia, Inc., the soon to be
spun-off travel division of IAC/InterActiveCorp (Nasdaq: IACI) today announced
several executive appointments.
Expedia, Inc. operates a diverse portfolio of brands and is the world's
leading online travel company, providing a global travel marketplace for a broad
range of leisure and corporate customers and travel agents. Customers can easily
research, plan and purchase travel products and services from travel suppliers
who are in turn able to efficiently target their products and services to
Expedia, Inc.'s diverse customer base through its various websites. Expedia
targets the broadest possible range of customers by leveraging the unique value
proposition of each of its diverse global brands.
EXPEDIA, INC.'S EXECUTIVE APPOINTMENTS ARE DETAILED BELOW.
Steven McArthur is assuming responsibility for Expedia, Inc.'s North
America Leisure Travel Group. This group now includes all of Expedia, Inc.'s
North American leisure brands: Expedia.com, Expedia.ca, Hotels.com, Hotels.ca,
Hotwire.com, Classic Custom Vacations and TripAdvisor. McArthur joined Expedia
in 2004 with responsibility for Expedia.com and Expedia.ca, and brings extensive
operating and strategic experience from the packaged goods, management
consulting and internet industries.
Cheryl Rosner will succeed Matt Hulett and run Expedia, Inc.'s global
Corporate Travel Group, a full-service travel management company that offers
travel products and services to corporate customers in the U.S. and in Europe.
Rosner was previously president of Hotels.com, and has led the company's initial
transition from discount hotel provider to on-line lodging expert. She has deep
experience in the travel industry, including executive roles with Ian Schrager
Hotels, Kimpton Hotels and Four Seasons.
Paul Brown will lead Expedia's new Partner Services Group, reporting
directly to Expedia CEO Dara Khosrowshahi. With the exception of Classic Custom
Vacations, Expedia's wholesale offline travel agency business, the Partner
Services Group consolidates Expedia, Inc.'s worldwide supplier relations in one
centralized organization, simplifying supplier access to the company's diverse
distribution channels and enhancing Expedia, Inc.'s established ability to
support suppliers with innovative technology and services. Brown was previously
senior vice president of strategy and development for Hotels.com and Expedia
North America, and before joining Expedia was a partner with McKinsey & Company
and senior vice president of Strategic Services for Intercontinental Hotel
Group.
EXPEDIA, INC. ALSO ANNOUNCED TWO EXECUTIVE HIRES TODAY.
Mark Gunning has been named Expedia, Inc.'s chief financial officer.
Gunning has over 23 years of financial management experience and a proven track
record in building world-class financial organizations. Prior to joining
Expedia, he worked at AT&T Wireless, Nextlink Communications, Airtouch
Communications and Price Waterhouse.
Finally, Paul Onnen has joined Expedia as executive vice president of
technology. Onnen is a recognized technology leader, and brings to Expedia a
depth of experience that will help reinforce and expand innovation as a key
underpinning of the company's strategy. Most recently he worked at Cisco Systems
Internet business consulting group, and prior to that held senior technology
positions with WebMD and Nordstrom.com.
"These organizational enhancements support Expedia's long-standing
mission to become the largest and most profitable retailer of travel in the
world, by helping everyone, everywhere plan and purchase everything in travel"
said Dara Khosrowshahi, CEO of Expedia, Inc. "The creation of this global
supplier organization will focus our substantial supplier resources and
expertise and will give our supply partners easier access to our portfolio of
worldwide travel brands so we can efficiently work together towards a goal of
shared success."
On December 21, 2004, IAC/InterActiveCorp announced that its Board of
Directors approved a plan to separate IAC into two publicly traded companies -
Expedia, Inc. and IAC/InteractiveCorp. Expedia, Inc. includes the domestic and
international operations associated with the company's well-known travel brands
and IAC/InterActiveCorp includes the domestic and international operations
associated with IAC's ticketing, electronic retailing, financial services and
real estate businesses plus its local and media services and teleservices.
A shareholder vote on the spin-off proposal is scheduled for July 19,
2005. More information can be found by consulting the Company's public filings
with the Securities and Exchange Commission.
ABOUT IAC/INTERACTIVECORP:
IAC/InterActiveCorp (NASDAQ: IACI) operates leading and diversified businesses
in sectors being transformed by the internet, online and offline... our mission
is to harness the power of interactivity to make daily life easier and more
productive for people all over the world. To view a full list of the companies
of IAC please visit our website at http://iac.com.
ABOUT EXPEDIA, INC.:
Expedia, Inc. is one of the world's leading travel services companies. With its
portfolio of leading travel brands, Expedia, Inc. empowers business and leisure
travelers with the tools and information they need to easily research, plan,
book and experience travel. The company also provides wholesale travel to
offline retail travel agents. Expedia, Inc.'s main websites includes:
Expedia.com(R), Hotels.com(TM), Hotwire(R), Expedia(R) Corporate Travel, Trip
Advisor(TM) and Classic Custom Vacations(R). Expedia, Inc. also operates
international sites in Canada, United Kingdom, Germany, France, Italy.
Netherlands and China through its investment in ELong(TM).
CONTACTS:
EXPEDIA, INC. CORPORATE COMMUNICATIONS
Jason Reindorp
(425) 679-7396
INVESTOR RELATIONS
Stu Haas
(425) 679-7852
IAC CORPORATE COMMUNICATIONS
Deborah Roth
(212) 314-7254
IMPORTANT SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. These forward-looking
statements include statements relating to anticipated business prospects, new
developments, pending transactions and similar matters. These forward-looking
statements are necessarily estimates reflecting the best judgment of Expedia's
and IAC's senior management, and involve a number of risks and uncertainties
that could cause actual results to differ materially from those suggested by the
forward-looking statements. These risks and uncertainties are described in
Expedia's and IAC's filings with the U.S. Securities and Exchange Commission
(the "SEC"). Other unknown or unpredictable factors also could have material
adverse effects on Expedia's or IAC's future results, performance or
achievements. In light of these risks and uncertainties, the forward-looking
events discussed in this press release may not occur. You are cautioned not to
place undue reliance on these forward-looking statements, which speak only as of
the date stated, or if no date is stated, as of the date of this press release.
Neither Expedia nor IAC is under any obligation and neither intends to make
publicly available any update or other revisions to any of the forward-looking
statements contained in this press release to reflect circumstances existing
after the date of this press release or to reflect the occurrence of future
events even if experience or future events make it clear that any expected
results expressed or implied by those forward-looking statements will not be
realized.
ADDITIONAL INFORMATION
In connection with the proposed spin-off, IAC filed a definitive proxy
statement/prospectus with the SEC. Stockholders of IAC are urged to read the
definitive proxy statement/prospectus because it contains important information
about IAC, the proposed spin-off transaction and related matters. Investors and
security holders can obtain free copies of the definitive proxy
statement/prospectus by contacting Investor Relations, IAC/InterActiveCorp,
Carnegie Hall Tower, 152 W. 57th Street, 42nd Floor, New York, NY 10019
(Telephone: (212) 314-7400). Investors and security holders can also obtain free
copies of the definitive proxy statement/prospectus and other documents filed by
IAC and Expedia with the SEC in connection with the proposed spin-off
transaction at the SEC's web site at www.sec.gov. In addition to the definitive
proxy statement/prospectus, IAC files, and Expedia will file, annual, quarterly
and current reports, proxy statements and other information with the SEC, each
of which should be available at the SEC's web site at www.sec.gov. You may also
read and copy any reports, statements and other information filed by IAC or
Expedia at the SEC public reference room at 450 Fifth Street, N.W., Washington,
D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information. IAC
and its directors, executive officers and certain members of management and
other employees may be deemed to be participants in the solicitation of proxies
of IAC stockholders to approve the proposed spin-off
transaction, which transaction will be considered for approval by IAC
stockholders at the 2005 Annual Meeting of Stockholders on July 19, 2005.
Directors, executive officers and certain members of management and other
employees of IAC may have interests in the transaction as described in the
definitive proxy statement/prospectus, including as a result of current holdings
of options or shares of IAC stock and future holdings of options or shares of
Expedia stock, which will be impacted in the transaction. Information regarding
IAC and the equity interests of its directors and officers who may be deemed to
be participants in the solicitation of proxies is contained in the definitive
proxy statement/prospectus, which was filed with the SEC on June 17, 2005 and
first mailed to stockholders of IAC on or around June 20, 2005. Additional
information regarding the interests of such potential participants may be
included in other relevant documents to be filed with the SEC in connection with
the proposed spin-off transaction.
In connection with its previously announced, pending acquisition of Ask Jeeves,
Inc. ("Ask Jeeves"), IAC filed a definitive proxy statement/prospectus of Ask
Jeeves and IAC and other relevant documents with the SEC. Ask Jeeves
stockholders should read the definitive proxy statement/prospectus and other
related materials because they contain important information about Ask Jeeves,
IAC and the proposed merger. In addition to the documents described above, Ask
Jeeves and IAC file annual, quarterly and current reports, proxy statements and
other information with the SEC. The definitive combined proxy
statement/prospectus and other related materials, and any other documents filed
with the SEC by Ask Jeeves or IAC, are available without charge at the SEC's
website at www.sec.gov, or from the companies' websites, at www.ask.com and
www.iac.com, respectively. Ask Jeeves, IAC and their respective officers and
directors may be deemed to be participants in the solicitation of proxies from
Ask Jeeves stockholders in connection with the proposed merger, which
transaction will be considered for approval by stockholders of Ask Jeeves at a
special meeting on July 19, 2005. A description of certain interests of the
directors and executive officers of Ask Jeeves and a description of certain
interests of the directors and executive officers of IAC is set forth in the
definitive combined proxy statement/prospectus filed with the SEC on June 16,
2005, which was mailed to stockholders of Ask Jeeves on or around June 17, 2005.
Additional information regarding the interests of such potential participants
may be included in other relevant documents to be filed with the SEC in
connection with the proposed merger.