Multilevel marketer YTB International said it has executed an asset-purchase agreement with Sixth Scott LLC, an unaffiliated third party. Sixth Scott will assume contracts, agreements and licenses previously held by YTB’s subsidiary, YTB Travel Network.
Sixth Scott will independently manage all travel content and provide customer support as well as handle all group travel bookings, YTB said.
YTB Travel Network was No. 34 in the Travel Weekly's 2011 Power List.
YTB said that Sixth Scott will operate YTB Travel Network under the name First Travel Alliance. Sixth Scott has access to a collection of companies that generate $1.2 billion in travel sales annually, YTB said.
“We are excited about the potential for our current and future travel members,” said YTB Travel Network President Kim Sorensen. “Because the agreement makes more travel products available at higher commission levels, I expect our home-based travel agents to re-establish their market position within the industry."
Sorensen said that Sixth Scott is a new company set up and dedicated specifically for this transaction. It is part of a larger company that YTB did not name.
For news and updates on agent and distribution issues, follow Johanna Jainchill on Twitter @jjainchilltw.