Newsweek has sold Budget Travel to Fletcher Asset Management, PaidContent reports.
Terms were not disclosed.
The deal is set to close by the end of the year, and Fletcher says that it plans to keep “essentially all” of the magazine’s staff.
From Fletcher’s own web site:
The philosophy of FAM centers on the notion that profitable investments can create significant value for all parties to the transaction as well as for society and the environment as a result of socially and environmentally responsible screening and initiatives. … These efforts are designed to create investment profits but also to create value for all affected parties including those with little or no voice in the process.
We’ll see how this turns out. Meanwhile, the release after the jump.
(Related: Budget Travel ‘Business As Usual’)
NEW YORK, Dec. 17 /PRNewswire/ — Newsweek, Inc., a wholly-owned subsidiary of The Washington Post Company (NYSE: WPO), announced today that it has entered into an agreement with an affiliate of Fletcher Asset Management, Inc. (Fletcher) to acquire all of Newsweek’s equity interests in Newsweek Budget Travel, Inc. (Budget Travel). The acquisition is expected to close by December 31, 2009. The financial terms of the transaction were not disclosed.
Fletcher will support the current management team, which will be responsible for the day-to-day operation of Budget Travel magazine and budgettravel.com and has indicated that it intends to keep essentially all of Budget Travel’s employees.
Tom Ascheim, Chief Executive Officer of Newsweek said:
“We have been proud to publish Budget Travel, a magazine and website that has won many awards and is well-respected in the industry. We are delighted that under the ownership of Fletcher, Budget Travel’s legacy will carry on and its staff will continue to do their great work.”
Moez Kaba, an executive from Fletcher Asset Management said:
“We are thankful for the opportunity we have had to collaborate with Newsweek in realizing value for The Washington Post Company and positioning the award-winning team at Budget Travel to develop compelling new opportunities for their passionate community to access and share memorable experiences.”
About Fletcher Asset Management, Inc.
For more than 18 years, investments from Fletcher Asset Management, Fletcher International, Limited, and their affiliates have supported dynamic and responsible management teams leading more than 50,000 employees at dozens of promising companies in a variety of industries. Additional information is available at www.fletcher.com.
SOURCE Newsweek, Inc.