Priceline Takes $941 Million Writedown on OpenTable
Skift Take
There have long been rumblings that the OpenTable acquisition was problematic for the Priceline Group. Now we learn the depth of the problem -- a $941 million impairment charge.
Was former Priceline Group CEO Darren Huston's signature $2.6 billion acquisition of dining reservations platform OpenTable a big misstep for the company?
While it's way too early to issue a long-term verdict on the wisdom of the deal, OpenTable's struggles adversely impacted the Priceline Group's third quarter net income as the Group took a $941 million non-cash impairment charge against OpenTable's goodwill, and announced that it was ratcheting back the pace of OpenTable's growth.
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