Barry Diller stepped down as chairman of TripAdvisor after selling his 4.8 million shares to John Malone's Liberty Interactive, the travel site said Tuesday.
Liberty Interactive paid Diller and the Diller-von Furstenberg Family Foundation a total of about $300 million. Liberty will become the travel website's new majority shareholder.
TripAdvisor's stock price jumped 8 percent to $41.36 in early trading on Tuesday following news of the sale.
Diller, whose IAC/InterActiveCorp backs the ailing Newsweek and various other media properties, said in a statement that he would step down as chairman and sold his shares to attend to his other businesses.
Diller will remain a director at the Newton, Mass.-based travel site.
Liberty Interactive, which paid $62.50 per share, now owns 18.2 million shares of TripAdvisor. It also owns shopping websites like QVC shopping channel.