Newsweek Inc. Sells 'Budget Travel'

Newsweek Inc., a subsidiary of The Washington Post Co., agreed to sell Arthur Frommer’s Budget Travel to a financial buyer, following industry speculation that the magazine might be sold or shut down.
 
Fletcher Asset Management agreed to buy Newsweek’s equity interests in Budget Travel, including its companion Web site, and said it would keep most of the employees. The deal is expected to close by Dec. 31. Terms were not disclosed.
 
With its no-frills approach to travel, Budget Travel might seem to be well-positioned to weather an economic downturn.