Expedia is spinning off from its parent company, IAC/InterActiveCorp, today as Barry Diller attempts to restore order to his Internet empire. Instead of running an Internet conglomerate, Diller is trying to combine all of his Internet travel-related assets into one company. Sensing a story in there somewhere, the New York Times tracks down the 34-year-old CEO of Expedia (Dara Khosrowshahi), Barry Diller's right-hand man for the past seven years or so, to find out what changes are afoot in the online travel business.

For starters, the company is consolidating its operations in Seattle, bringing in new management, and hoping to regain market share from the likes of Travelocity and Priceline. There's also a push to go global and to build customer loyalty through new features and options. Don't expect Barry Diller to cede too much control of Expedia, though -- he still owns 6% of the company's shares (but 61% of the voting shares) and talks with Khosrowshahi daily.