(Bloomberg) -- Expedia Group Inc. agreed to acquire Liberty Expedia Holdings Inc. in an all-stock deal that will simplify the online travel company’s ownership model and boost its value.

Expedia’s super-voting stock structure has long been divided between two billionaire media moguls: John Malone and Barry Diller.

Under terms of the deal announced Tuesday, each holder of Liberty Expedia shares will receive 0.36 of a share of Expedia Group common stock. Diller, Expedia chairman, is expected to wind up with about 29 percent of the voting power of the combined company. Malone, has agreed to vote in favor of the transaction, the companies said.

Stemming from a deal made back in the 1990s, Malone has owned the super-voting shares of Expedia through his holding company, Liberty Expedia. However, Diller has held the right to vote on Malone’s shares through an irrevocable proxy, which expires in May.

“This transaction marks an important milestone in the evolution of Expedia Group, said Mark Okerstrom, chief executive officer of Expedia Group. “It represents a strong benefit to our shareholders –- simplifying and improving our corporate and governance structure and effecting a meaningful reduction in our share count.”

To contact the reporters on this story: Molly Schuetz in New York at mschuetz9@bloomberg.net;Olivia Carville in New York at ocarville1@bloomberg.net

To contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Tony Robinson

©2019 Bloomberg L.P.