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December 17, 2004
Barry Diller is bullish on China
IAC/InterActiveCorp, the online travel juggernaut operated by Barry Diller, now owns a 52% stake in Chinese online travel provider eLong after exercising warrants worth $108 million. In August 2004, the company made an initial investment of $58.7 million in the company. According to IAC executives, the future's so bright in China, you gotta wear shades: "We are excited by the opportunity this provides us to embrace the growth potential of the Chinese travel market. China represents an $87 billion travel and tourism market opportunity today, forecast to grow to more than $300 billion by 2014."
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