BBC Worldwide Sells Off Lonely Planet

LONDON: BBC Worldwide has agreed to sell the travel-guide business Lonely Planet to NC2 Media.

The exchange is for AU$75 million (£51.5 million) for 100 percent of Lonely Planet with AU$60 million (£41.2 million) paid on completion and AU$15 million (£10.3 million) paid in one year’s time. NC2 Media is a U.S.-based company led by Daniel Houghton, who takes on responsibility as the COO of Lonely Planet. NC2’s primary shareholder is the American billionaire Brad Kelley.

Paul Dempsey, interim CEO at BBC Worldwide, said: “We acquired Lonely Planet in 2007 when both our strategy and the market conditions were quite different. Since then, Lonely Planet has increased its presence in digital, magazine publishing and emerging markets whilst also growing its global market share, despite difficult economic conditions.

"However, we have also recognized that it no longer fits with our plans to put BBC brands at the heart of our business and have decided to sell the company to NC2 Media who are better placed to build and invest in the business. This deal begins a new chapter for Lonely Planet and signifies the end of one for BBC Worldwide.”

Houghton, the executive director of NC2 Media, commented: “With this acquisition comes a global footprint, not only in the travel guide business, but also in magazine publishing and the digital space. We are very excited about this opportunity, and delighted to agree [to] this deal with BBC Worldwide. The challenge and promise before us is to marry the world’s greatest travel information and guidebook company 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.”