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Research Shows That OTA Consolidation Is Harmful To Consumers

When online travel agencies (OTAs) intentionally modify and reorder search results based on commission fees, the manufactured bias on their websites ultimately costs consumers choice and value, says a new report by Harvard Business School Professor Benjamin Edelman. Edelman's report, the Impact of OTA Bias and Consolidation on Consumers, explores the rise of OTA search bias, a problem worsened by increased consolidation in the...

Priceline Agrees to Acquire Momondo Group

NORWALK, Conn.—The Priceline Group Inc. has announced that it has signed a definitive agreement to acquire the Momondo Group in a cash transaction whereby The Priceline Group will acquire all outstanding shares of the company for a price of $550 million. The Momondo Group, which operates momondo, a leading European travel meta engine that offers flights, hotels, and car...

Priceline Group Selects Company Insider as Next CEO

The Priceline Group has named Glenn Fogel, a 16-year veteran of the company, as its new CEO. Fogel, who currently serves as Priceline's head of strategy and executive vice president of corporate development, will make the transition Jan. 1. Chairman Jeff Boyd, who has served as interim CEO since April, will continue on the board as executive chairman. Read...

Cuba and Priceline Make a Deal

Priceline has become the first U.S. online travel company to strike a deal with the Cuban government. The terms of Cuba and Priceline’s agreement make it possible to book Cuban hotel rooms on Priceline’s subsidiary, Booking.com. This deal has been in the works since President Obama announced his intention to restore diplomatic ties with Cuba in December 2014. To...

Priceline Reports Strong End-of-Year Earnings

For the fourth quarter of 2014, Priceline Group reported gross profit of $1.7 billion, a year-over year increase of 26 percent. Fourth-quarter bookings—the total value of all travel services purchased by Priceline customers—increased 17 percent from the prior year to $10.7 billion. Bookings for the full year rose 28 percent to $50.3 billion. The online travel agency's primary brands...