Lonely Planet sold

first_imgBBC Worldwide sells Lonely Planetto American company. BBC Wordwide has sold its travel guide business, Lonely Planet, to US-based digital development company, NC2 Media for a near AU$116 million loss.The sale transaction of up to AU$75 million is expected to occur from 31 March 2013, with AU$60 million paid on completion and AUD$15 million paid in twelve months’ time, The Next Web reported.BBC Worldwide chief executive Paul Dempsey said the decision to sell the travel guide business comes after a review of the company’s strategy to focus on BBC brands and assured the digital company was “better placed to build” the business.As part of the transaction, NC2 Media executive director Daniel Houghton will also step in as Lonely Planet chief operating officer and said the company would ensure the guidebook company is modernized “with the limitless potential of 21st century digital technology”.“If we can do this, and I believe we can, we can build a business that, while remaining true to the things that made Lonely Planet great in the past, promises to make it even greater in the future,” he said.Source = e-Travel Blackboard: N.J.last_img