This article summarizes reporting by FlightGlobal, AeroXplorer, and official filings from the U.S. Department of Transportation.

Alaska Airlines and LATAM Officially Finalize Partnership Dissolution

After nearly a decade of cooperation connecting the U.S. West Coast to South America, Alaska Airlines and LATAM Airlines have officially terminated their codeshare and loyalty partnership. While the operational wind-down of the agreement began earlier in late 2025, the formal dissolution was confirmed in a filing to the U.S. Department of Transportation (DOT) on December 29, 2025.

According to the regulatory notification submitted by Alaska Airlines, Horizon Air, and SkyWest, the move marks the final step in separating the two carriers’ commercial networks. The split is widely attributed to shifting global airline alliances, specifically LATAM’s deepening ties with Delta Air Lines and Alaska’s integration into the oneworld alliance.

Timeline of the Split

Although the regulatory paperwork was filed in late December, the practical dismantling of the partnership occurred months prior. Reporting by Simple Flying indicates that the operational end date for the codeshare and reciprocal loyalty redemptions was October 1, 2025.

Passengers should note the following status of the agreement:

• Codeshare: Terminated. Alaska Airlines no longer places its code on LATAM flights, and vice versa.
• Loyalty Redemptions: Ceased as of October 1, 2025.
• Interline Agreement: Remains active. According to the research data, passengers can still book single-ticket itineraries involving both carriers with baggage checked through to the final destination, though elite benefits will no longer apply.

Impact on Loyalty Members (Atmos Rewards)

The termination coincides with significant changes to Alaska’s loyalty structure, now operating under the “Atmos Rewards” banner following the integration with Hawaiian Airlines. For travelers who credited flights to this program, the earning window has largely closed.

According to the transition rules outlined in the research report:

• Bookings made before August 31, 2025: Members earn points regardless of the travel date.
• Bookings made September 1 – September 30, 2025: Points are earned only if travel was completed by December 31, 2025.
• Bookings made on or after October 1, 2025: No points are earned on LATAM metal.

Strategic Context: Why the Breakup Happened

The partnership, originally launched in April 2016, provided Alaska with a vital link to South America and gave LATAM access to Alaska’s robust West Coast network. However, industry analysts note that the separation became inevitable due to two major strategic shifts in the aviation landscape.

First, Delta Air Lines acquired a 20% stake in LATAM in 2019, pulling the South American carrier out of the oneworld alliance and into a Joint Venture with Delta. Given the intense competition between Alaska and Delta at the Seattle-Tacoma (SEA) hub, maintaining a partnership with Delta’s closest ally became strategically difficult.

Second, Alaska Airlines joined the oneworld alliance in March 2021. This move realigned Alaska’s connectivity priorities toward alliance partners such as American Airlines and British Airways, reducing the necessity for bilateral agreements with non-alliance carriers.

“While we value the history we shared with LATAM, our strategic focus has shifted toward deeper integration within the oneworld alliance and targeted partnerships that align with our West Coast hub strengths.”

— Alaska Air Group Spokesperson (via Research Report)

AirPro News Analysis

The dissolution of the Alaska-LATAM partnership is a textbook example of how equity stakes and joint ventures (JVs) supersede legacy codeshares. When Delta invested in LATAM, it effectively drew a line in the sand; Alaska could not reasonably feed traffic to a carrier that is financially intertwined with its fiercest domestic rival in Seattle. Furthermore, with the launch of the unified “Atmos Rewards” program, Alaska is likely using this opportunity to prune legacy partnerships that create friction or confusion within its new oneworld-centric ecosystem.

Future Outlook: Alaska’s Network Pivot

As Alaska Airlines retreats from South American connectivity, now directing passengers to use American Airlines for those routes, it is aggressively expanding its Transatlantic and Transpacific footprint.

According to AeroXplorer and internal scheduling data, Alaska is strengthening ties with Starlux Airlines to cover Asian destinations via Seattle and San Francisco. Additionally, the carrier is deepening cooperation with Icelandair.

Most notably, Alaska plans to utilize its own aircraft to capture European summer traffic. The carrier has announced a daily non-stop service from Seattle (SEA) to Reykjavik (KEF) scheduled to launch on May 28, 2026.

Sources

• FlightGlobal
• Simple Flying
• AeroXplorer
• One Mile at a Time
• U.S. Department of Transportation (DOT) Filings

This article is based on an official regulatory filing from American Airlines Group Inc.

American Airlines Discloses 20.8% Stake in Newly Merged Republic Airways

American Airlines Group Inc. has officially confirmed a significant strategic investment in the regional aviation sector, disclosing a 20.8% beneficial ownership stake in the newly combined Republic Airways Holdings Inc. The disclosure, detailed in a Schedule 13D filing submitted to the U.S. Securities and Exchange Commission (SEC) on December 19, 2025, follows the completion of the merger between Republic Airways and Mesa Air Group.

The transaction marks a pivotal moment for U.S. regional aviation, returning Republic Airways to the public markets under the ticker symbol RJET on the NASDAQ. According to the regulatory documents, American Airlines acquired its position on November 25, 2025, the closing date of the merger. This move solidifies American’s influence over one of its most critical regional partners, ensuring operational continuity in a sector often plagued by volatility.

By converting pre-existing financial interests into equity, American Airlines has emerged as the largest shareholder among the “Big Three” U.S. carriers in the new entity. The filing reveals that American now holds approximately 9.76 million shares of the combined company, signaling a long-term commitment to the stability of its regional feeder network.

Transaction Details and Ownership Structure

The SEC filing provides a granular look at the financial mechanics behind the acquisition. American Airlines Group Inc., through its subsidiary American Airlines, Inc., acquired exactly 9,755,889 shares of Common Stock. Based on the 46,949,601 shares outstanding reported in the filing, this equates to a 20.8% ownership stake.

The shares were issued pursuant to the terms of the merger agreement between Mesa Air Group and Republic Airways. While Mesa Air Group survived as the legal entity, the transaction was structured as a “reverse merger,” resulting in the adoption of the Republic Airways Holdings Inc. name. The deal has created the world’s largest operator of Embraer E-Jets, boasting a fleet of approximately 310 aircraft and executing over 1,300 daily departures.

According to the filing, American Airlines has also entered into a Registration Rights Agreement which includes a lock-up provision. This agreement restricts the sale of the acquired shares for a period of 180 days, preventing American from divesting its stake until late May 2026. This lock-up period is standard in such large-scale consolidations, designed to prevent immediate market volatility following a public listing.

The “Big Three” and Regional Consolidation

While American Airlines holds the largest stake among the major carriers, it is not the only legacy airline with a vested interest in the new Republic Airways. The restructuring of debt and equity during the merger process has resulted in all three major U.S. carriers holding significant positions in the company.

Industry data indicates the following ownership breakdown among the major carriers:

• American Airlines: ~20.8% stake (9.76 million shares)
• United Airlines: ~18.2% stake (approx. 7.7 million shares)
• Delta Air Lines: ~14.4% stake (approx. 6.7 million shares)

This unique ownership structure highlights the critical dependence of major carriers on regional operators. Republic Airways operates flights for all three under the brands American Eagle, United Express, and Delta Connection. By holding equity, these major airlines are effectively stabilizing a key vendor that connects their global hubs,such as Chicago O’Hare, Philadelphia, and Charlotte,to smaller domestic markets.

AirPro News Analysis: Strategic Implications

The disclosure of this stake represents a defensive strategy by American Airlines rather than a simple financial investment. In the post-pandemic aviation landscape, the supply of regional pilots and operational reliability has been a consistent bottleneck. By securing a 20.8% stake, American Airlines is insulating itself against potential disruptions.

We observe that this move aligns with a broader industry trend where major carriers are taking more direct control,or at least stronger financial oversight,of their regional partners. The “Big Three” are effectively bankrolling the stability of the regional market to protect their own domestic networks. The 180-day lock-up period further suggests that American views this as a stabilizing partnership for the near term, rather than a liquid asset for immediate capital generation.

Furthermore, Republic’s return to the public market as RJET provides the regional carrier with independent access to capital, reducing the need for direct cash infusions from its major partners in the future. This financial independence, backed by the equity of its largest customers, creates a more resilient ecosystem for regional air travel.

Company Profiles

Republic Airways Holdings Inc. (The Issuer)
Headquartered in Carmel, Indiana, the newly combined entity is a powerhouse in regional aviation. It exclusively operates Embraer 170/175 aircraft, a preferred fleet type for regional routes due to its efficiency and passenger comfort. The company is now the parent of both Republic Airways and Mesa Airlines.

American Airlines Group Inc. (The Reporting Person)
Based in Fort Worth, Texas, American Airlines is one of the largest airlines in the world. Its domestic network relies heavily on the “American Eagle” brand, which is a collection of regional carriers operating under contract. The stability of partners like Republic is essential for American to maintain its schedule depth and network reach.

Frequently Asked Questions

What is a Schedule 13D filing?
A Schedule 13D is a form that must be filed with the SEC when a person or group acquires more than 5% of a voting class of a company’s equity shares. It is often used to disclose significant ownership stakes and the investor’s intent.

Can American Airlines sell these shares immediately?
No. The filing discloses a 180-day lock-up period, meaning American Airlines cannot sell these shares until late May 2026.

Does American Airlines own Republic Airways?
No. American Airlines owns a 20.8% beneficial stake. While this makes them a major shareholder, Republic Airways remains an independent company with other shareholders, including United Airlines, Delta Air Lines, and former Republic equity holders.

Sources:

• SEC Schedule 13D Filing (American Airlines Group Inc.)

This article summarizes reporting by CBS News Atlanta.

Delta Airlines Executes $75 Million Sale-Leaseback for Atlanta Employee Parking Facility

Delta Air Lines has completed a significant real estate transaction involving a major employee parking facility near Hartsfield-Jackson Atlanta International Airport. According to reporting by CBS News Atlanta, the airline has sold the approximately 58-acre property to global investment manager Realterm for $75 million. The deal is structured as a sale-leaseback agreement, allowing Delta to generate immediate capital while retaining operational control of the site for the next two decades.

The transaction highlights a growing trend among major aviation corporations to monetize non-core assets. By selling the land and immediately leasing it back, Delta unlocks liquidity from its balance sheet without disrupting the daily routines of its Atlanta-based workforce. The facility, located in College Park near the Gateway Center Arena, serves as a critical logistics hub for employee access to the world’s busiest Airports.

Realterm, the buyer, is a specialist in “transportation-advantaged” real estate, focusing on high-flow-through logistics properties. This acquisition aligns with the firm’s Strategy of securing industrial assets in supply-constrained markets, particularly those adjacent to major airports and cargo hubs.

Transaction Details and Lease Terms

The agreement between Delta Air Lines and Realterm involves specific terms that ensure long-term stability for the airline’s operations. According to the details reported, the sale price of $75 million values the land at roughly $1.29 million per acre, a premium that reflects the scarcity of zoned industrial land in the immediate vicinity of Hartsfield-Jackson.

The Sale-Leaseback Structure

Under the terms of the deal, Delta has committed to a 20-year lease on the property. Additionally, the contract includes four five-year renewal options, potentially extending Delta’s control of the site for up to 40 years. This structure is common in corporate real estate, as it allows companies to convert “lazy equity”, capital tied up in owned real estate, into cash that can be used for debt reduction, operational reinvestment, or liquidity management.

Location and Operational Impact

The property is situated in the College Park area, a rapidly developing commercial corridor. It is located near the Gateway Center Arena, home to the WNBA’s Atlanta Dream, and the Georgia International Convention Center. Despite the change in ownership, no changes to employee parking access or daily airport operations are expected. The site will continue to function as a primary parking and transit point for Delta employees.

Strategic Context: The Rise of Industrial Outdoor Storage

This transaction underscores the exploding value of Industrial Outdoor Storage (IOS) and paved land near major logistics hubs. While traditional warehousing remains valuable, the land itself, specifically sites zoned for parking, fleet storage, and cargo staging, has become a highly sought-after asset class.

Realterm’s Investments Strategy

Realterm has been aggressively expanding its footprint in aviation-adjacent markets. The firm’s Aeroterm division is already the largest owner of on-airport cargo and aviation support facilities in North America. By acquiring this 58-acre site, Realterm secures a “mission-critical” asset in a market where new land for industrial use is increasingly difficult to entitle and develop.

According to Market-Analysis summarized in recent reports, the Camp Creek Parkway corridor, where this property is located, is a prime area for “last-mile” logistics. The immediate access to I-285 and the airport terminals makes it one of the most competitive submarkets in the Southeast.

AirPro News Analysis

We view this transaction as a prudent financial maneuver by Delta Air Lines. Following the financial strains of the post-pandemic recovery, major carriers have focused intensely on strengthening their balance sheets. While Delta has returned to robust profitability, “capital recycling”, selling non-core assets to raise cash, remains a smart way to improve liquidity without taking on new debt.

Furthermore, the valuation of $75 million for a parking lot demonstrates the immense premium placed on airport-adjacent land. For investors like Realterm, the intrinsic value lies not just in the current lease income, but in the irreplaceability of the land. You simply cannot build 58 acres of new industrial parking next to Hartsfield-Jackson today; the land is already spoken for. This scarcity ensures that the asset will likely appreciate significantly over the 20-year lease term.

Sources

• CBS News Atlanta