Expedia shares surged after the company announced it will repurchase up to 30 million shares for between $18.50 and $22 a share. The upper end of the range is a 19% premium over Expedia's stock price before the offer.
Thirty million shares represent 9.1% of all outstanding common stock and Class B common stock.
Expedia's directors and executive officers and Liberty Media say they will not sell any shares.
The tender offer is expected to begin on Dec. 11 and run until Jan. 10.