Expedia shares rose more than 12% after today announcing it will spin user reviews site TripAdvisor into a separate public company later this year while retaining ownership of Expedia.com, Hotels.com, eLong, Hotwire, Egencia, Expedia Affiliate Network and Venere. The proposed spin-off is expected to be completed in the third quarter. TripAdvisor claims to be the world’s largest travel site, with more than 40m unique monthly visitors, 20m members, and 45 million reviews and opinions. The TripAdvisor Media Group had $486 million in revenue in 2010.

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