Word: silvermans
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Racing in alone on Brown goalie Stacy Silverman, Corriero started to her left, then swooped to her right at point-blank range, looping the puck past the goalie as she crossed the center for the unassisted triefecta...
...look at what a couple of Wall Street's savviest dealmakers are up to. For Cendant, the online onslaught was beginning to feel like water torture as cyberbookers chipped away at its core business: playing middleman between customers and the company's many franchisees. So last month CEO Henry Silverman, a veteran wheeler-dealer, moved to protect his turf by agreeing to buy Orbitz for $1.25 billion. The acquisition catapults Silverman to the top tier of online travel. His biggest rival there is another celebrity CEO, Barry Diller--the onetime Hollywood mogul who created the Fox network--whose IAC/InterActiveCorp owns...
...guess what: consumers should be big winners. Only a few online agents will thrive, and to stay in the game they will need to woo travelers with a wide range of offerings. Silverman, through a spokesman, and Diller protest any suggestion that the two are butting heads. They are friends who lunch together, and there's room for both, they say. Making the point, Diller notes that last month their companies inked a deal in which IAC's Hotels.com and Expedia will prominently display on their websites Cendant hotels, which include Days Inn, Travelodge and Howard Johnson. "While we compete...
...overall industry is growing less than 5% a year, but the online component is taking share swiftly and growing more than 20% a year. This year 1 in 3 U.S. travelers will book online, up from 15% in 2002 and 20% last year, says research firm PhoCusWright. "Henry (Silverman) was at a big disadvantage" before the Orbitz deal, says Larry Haverty, managing director at State Street Research. Now he not only can share in the industry's robust growth but also use Orbitz to promote and protect his franchises...
While online services may get better with Silverman and Diller driving the industry, don't look for a price war that would make travel a lot less expensive. "They will compete intelligently," says Haverty. "Price cutting is not how you get Wall Street to give you" a higher stock price. IAC shares have lagged as investors at first puzzled over Diller's plan and then were disappointed with financial results that fell short of big expectations. Cendant has performed better. But some investors haven't forgotten a disastrous acquisition and accounting scandal six years...