Liberty TripAdvisor Holdings (TripCo) is a holding company whose sole asset is a controlling stake in Tripadvisor. TripCo holds roughly 19% of the economic interest but 56% of the voting interest in Tripadvisor, giving it effective control despite the minority economic position. Tripadvisor operates three online travel brands: Brand Tripadvisor, Viator, and TheFork. Brand Tripadvisor is the flagship platform, built on over 1 billion user-generated reviews, and earns revenue primarily through hotel metasearch — hotels and OTAs bid in real-time auctions for placement on Tripadvisor's hotel comparison pages and pay on a cost-per-click basis. Booking Holdings and Expedia together accounted for roughly 22% of consolidated revenue in 2024. Viator is a marketplace for bookable tours and experiences, with nearly 400,000 experiences from over 65,000 operators globally, earning a commission on each booking. TheFork is a restaurant reservation platform operating across 11 European countries, charging restaurants a per-seated-diner fee plus subscription fees for its reservation management software. Viator and TheFork together have grown from less than 10% of revenue in 2015 to nearly 50% today. At the holdco level, TripCo faces a liquidity mismatch — it cannot access Tripadvisor's cash but carries significant near-term obligations, prompting management to disclose going concern doubt. TripCo has entered a merger agreement under which it would become a wholly owned subsidiary of Tripadvisor, which would resolve the holdco liquidity issue, though shareholder approval is still pending.