Gemstar-TV Guide Unloads SkyMall12/05/2005 9:40 AM Eastern
Gemstar-TV Guide International Inc. said Monday that it has sold its SkyMall business to a private-equity group composed of Spire Capital Partners and certain of its affiliates.
SkyMall is best-known for its in-flight catalog, which is seen by approximately 88% of all U.S. airline passengers, Gemstar-TV Guide said. The company acquired SkyMall in 2001.
The transaction closed Dec. 1, Gemstar-TV Guide added.
“Gemstar-TV Guide is focused on building upon the company's core assets, including the TV Guide brand, our guidance technology and our leading entertainment and editorial data and content," CEO Rich Battista said in a prepared statement. "SkyMall is not core to the company's plans going forward as we pursue our new cross-platform guidance strategy."