Orbitz ‘exploring strategic alternatives’ for its Away Network
Orbitz Worldwide Inc. has announced that it is exploring strategic alternatives for some or all of the assets within the Away Network.
The Away Network’s sites include Away.com, Trip.com and AdventureFinder.com.
San Fulton, senior vice president of product strategy at Orbitz said, "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."
The company said that the revenue and adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) associated with the Away Network is immaterial to overall Orbitz Worldwide financial results, and that a sale of some or all of the assets associated with the Away Network would not change the company’s earnings outlook for 2013.
Orbitz shares have fallen in the last year, reports The Wall Street Journal’s MarketWatch.com. The site’s growth and competitive ability have been increasingly compared to larger rivals Expedia Inc and Priceline.com Inc.
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