Orbitz Looks to Sell Away Network Assets
Feb 19th 2013 11:32AM
Updated Feb 19th 2013 2:00PM
Online travel agency Orbitz Worldwide has announced it is exploring "strategic alternatives" for the assets within its Away Network, an aggregation of travel search and media sites including Away.com, Trip.com, GORP.com, and AdventureFinder.com. The Away Network offers travelers specialized travel content such as deals, reviews, and travel advice similar to TripAdvisor.
Orbitz said the revenue and adjusted EBITDA associated with the Away Network is "immaterial" to overall Orbitz Worldwide financial results, and that a sale of some or all of the assets would not change the company's earnings outlook for 2013.
"As we assess the prioritization of investments in different areas of our business, in particular in the context of the encouraging trends that we're seeing in hotel, we've made the determination that the elements of the Away Network, either collectively or individually, are likely to be more valuable to other parties," said Sam Fulton, senior vice president of product strategy at Orbitz Worldwide.
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