USA Interactive

(USAI) - Get Report

is offering to buy out shareholders of three of its publicly traded subsidiaries at a 7.5% premium to current market value as chairman Barry Diller moves to consolidate his Internet holdings.

The $4.5 billion all-stock offer covers outstanding shares in

Expedia

(EXPE) - Get Report

,

Ticketmaster

(TMCS)

, and

Hotels.com

(ROOM)

.

USAI said it plans to offer a stock swap that comes to a 7.5% premium to each subsidiary's Friday closing price. Expedia closed at $71.50 Friday, while Ticketmaster was at $21.39, and Hotels.com closed at $47.89.

Diller said the company would issue 156 million new shares to complete the deals, but made clear that the proposal was not hostile, and the offer can be rejected. Each segment's top executives were notified of the offer in a letter from USAI this weekend.

Shares of Expedia were climbing about 5% in early premarket trading on the news, while USA Interactive was falling about 5% to $27 after closing at $28.50 Friday.