Advertisement
YOU ARE HERE: LAT HomeCollections

CALIFORNIA | BRIEFLY: DIVERSIFIED SERVICES

Cendant to Sell Trip Marketer, Coupon Unit

April 22, 1999| Bloomberg News

Cendant Corp., whose businesses include hotel franchising and direct-marketing services, agreed to sell its business that markets cruises and vacation packages to America West Holdings Corp. It also put its entertainment coupon unit up for sale. Terms of the cash sale of National Leisure Group, a small travel-marketing business, were not disclosed. America West Holdings is the parent of America West Airlines. The other business to be sold by New York-based Cendant, Entertainment Publications Inc., had revenue last year of $197.2 million. Chairman Henry Silverman has been selling businesses such as software and classified ad publications to focus Cendant on franchising hotel brands such as Days Inn, real estate brokerages, including Century 21, and direct sales of related products such as mortgage loans.

Separately, Cendant said its first-quarter operating profit fell a less-than-expected 7.6% to $181.4 million, or 22 cents a share, because of increased home loans and franchise fees from its real estate brokerages. The results beat analyst estimates of 19 cents. Revenue from continuing operations grew 19% to $1.25 billion. Cendant shares rose 69 cents to close at $18.56 on the NYSE.

Advertisement
Los Angeles Times Articles
|
|
|