Private jet company Vista Global to acquire JetSmarter, once touted as the Uber of private jets

div > div.group > p:first-child"> Terms and price weren't disclosed. The deal, once approved, will be an equity swap, with JetSmarter investors receiving equity in Vista Global. Vista said it plans to integrate JetSmarter's digital booking technology, which allows customers to easily book a private jet through an app, into its VistaJet, Vista Lease and XOJET private jet brands.

On a JetSmarter flight last September, with small children on board, a passenger threatened to kill other passengers and threatened to decapitate anyone who tried to stop him. The flight made an emergency landing and the passenger was arrested and charged with making terroristic threats. People familiar with the matter told CNBC that the Federal Aviation Administration and the Federal Bureau of Investigation are both asking questions about JetSmarter.

The deal marks a surprising end to 30-year-old JetSmarter founder Sergey Petrossov's vision of taking the company public and creating the Uber of private jets. Founded in 2012, Fort Lauderdale, Florida-based JetSmarter grew to more than 8,000 members, with celebrity endorsers like Kim Kardashian and investors such as Jay-Z and the Saudi Royal family. Initially it sold memberships for $7,500 and promised members unlimited private jet flights. By 2016, it claimed a valuation of $1.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Private jet service Jetsmarter agrees to $3 million arbitration settlementJetSmarter has reached an agreement to settle claims made by some of its members that the company engaged in unfair and deceptive practices, according to a settlement notice.
Source: CNBC - 🏆 12. / 72 Read more »

Univision sells Gizmodo Media Group, owner of The Onion, to private equity companyDigital publishers have endured challenging business conditions and been forced to lay off staff, partly as a result of ad dollars that have moved to Facebook and Google. Onion is over nottheonion
Source: NBCNews - 🏆 10. / 86 Read more »

Johnson Publishing Company, the former publisher of Ebony and Jet Magazines, files for bankruptcyThe company gave visibility to African American life at a time when magazines and other mainstream media were filled with white men and women. Very sad The Washtington Post is right behind these folks. If you want to survive as media, be factual and keep bias out of reporting. Not good. Not good. Not good. We've lost too many independant voices in our country.
Source: washingtonpost - 🏆 95. / 72 Read more »