JetBlue Airways Corp said it would sell its in-flight entertainment business, LiveTV, to French defense electronics company Thales Group for $400 million as it looks to cut costs.JetBlue has struggled with high maintenance and repair costs over the past few quarters. The carrier, which has 80 percent of its operations in the U.S. Northeast, said earlier this week that it canceled nearly 4,000 flights because of winter storms."We believe JetBlue will benefit from reduced operating costs and capital expenditures related to running LiveTV as a subsidiary," JetBlue Chief Financial Officer Mark Powers said in a statement.New York-based JetBlue is expected to use the proceeds from the sale to fund aircraft deliveries, analyst Helane Becker of Cowen & Co wrote in a note to clients.
JetBlue Airways Corporation (JetBlue) is a passenger airline that operates primarily on point-to-point routes with its fleet of 120 Airbus A320 aircraft and 49 EMBRAER 190 aircraft. Shares of JBLU traded higher by 0.46% or $0.04/share to $8.79. In the past year, the shares have traded as low as $5.95 and as high as $9.45. On average, 6014220 shares of JBLU exchange hands on a given day and today's volume is recorded at 6968183.
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