Delta Air Lines said Tuesday that it was buying Singapore Airlines' 49 percent stake in Virgin Atlantic for $360 million, in a deal that is expected to boost its share of the lucrative New York to London route. Delta hopes by 2013 to start a trans-Atlantic joint venture that, if approved by regulators in the U.S. and Europe, will give it access to hard-to-get landing slots at London's Heathrow airport, a hub for coveted corporate travelers. The airlines will continue to fly under their old names, but they will share revenue. Singapore Airlines bought its stake in Virgin 12 years ago for a far heftier price, but the investment proved disappointing.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- 43 TV shows to watch in 2014
- How our botched understanding of 'science' ruins everything
- 6 things the happiest families all have in common
- The science of sex: 4 harsh truths about dating and mating
- How U2 became the new Nickelback
- Save the world... by changing how you pee
- 13 Urban Outfitters controversies
- This is what happens when Republicans actually enact their radical agenda
- Russia is stealthily threatening America with nuclear war
Subscribe to the Week