NEW YORK (AP) -- Expedia is selling its majority stake in eLong, a Chinese travel service, to a group of businesses based in China for roughly $671 million.
The news sent shares of the online travel company up more than 5 percent in early trading Friday.
Bellevue, Washington-based Expedia said before the U.S. markets opened that it had sold its 62.4 percent share in eLong to a group that includes Ctrip.com International Ltd., Keystone Lodgings Holdings Ltd., Plateno Group Ltd. and Luxuriant Holdings Ltd.
ELong had reportedly been a drag on Expedia's earnings. The company said the transaction closed Friday.
Expedia's stock was up $5.62 to $111.45 early Friday, after rising as high as $115 earlier in the session.