Orbitz Looks to Sell Away Network Assets

Selling travel search and media sites won't have impact on 2013 results, company says.

Rich Duprey
Rich Duprey
(TMFCop)
Feb 19, 2013 at 11:28AM
Technology and Telecom

Online travel agency Orbitz Worldwide (UNKNOWN:OWW.DL) 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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