Tripadvisor Faces New Investor Pressure to Spin Off Viator

Tripadvisor has another investor pushing for changes, just six weeks after activist investor Starboard Value took a 9% stake.

UK-based Palliser Capital claims the company is stifling growth potential as it manages both a struggling legacy Tripadvisor business and Viator, a platform for experiences and its fastest-growing brand.

"It is attempting to operate simultaneously as a value business and a growth business — and succeeding at neither," James Smith, Palliser chief investment officer, wrote to the Tripadvisor board.

The entire company is worth less than $2 billion today. Palliser thinks Viator alone could be valued at $2-$2.5 billion, and that the entire company is worth around $3.7 billion.

It wants Tripadvisor to focus on Viator or sell it. T