Gemstar-TV Guide Sells SkyMall to Investor GroupSkyMall Inc. was acquired from Gemstar-TV Guide by a group of investors, the involved parties said yesterday.
Spire Capital Partners, Greenspun Media Group and ZelnickMedia Corp., which owns the Lillian Vernon catalog, acquired Phoenix-based SkyMall's in-flight catalog, Web site and loyalty marketing businesses for $52 million less an adjustment of $9 million for working capital.
"With our extensive print media holdings as well as our tour and travel Web site, Vegas.com, we feel we can contribute many synergistic growth avenues to SkyMall, and we look forward to working closely with Spire in broadening the long-term prospects of the brand," Greenspun Media Group said in a statement.
Christine Aguilera, president of SkyMall since October 2003, will continue in her current role and will report to the board. SkyMall, founded in 1989, reaches 650 million air passengers annually on 14 U.S. airlines. Gemstar-TV Guide acquired the company in 2001 and said it was selling the brand so it could focus on its core assets, including the TV Guide brand.
Kristen Bremner covers list news, insert media, privacy and fundraising for DM News and DMNews.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters