Wyndham Places (WYND) is having a one particular-way trip to Resort De Content.
The timeshare big said Wednesday it will plunk down $100 million to buy the 50-calendar year-aged Vacation + Leisure (TNL) brand from publisher Meredith Company (MDP). It’s a intelligent deal that Wyndham — which is the major participant in the timeshare marketplace — suggests will assistance broaden its access with holiday goers by tapping into TNL’s beloved journey stories, guides and journey planning applications.
Wyndham Locations thinks the transaction will be neutral to earnings in year just one following closing and accretive in yr two. After the deal closes in mid-February, Wyndham will modify its company name to Journey + Leisure Co. and trade beneath the ticker symbol ‘TNL’ on the New York Inventory Exchange.
“We acquired Travel + Leisure, like entry to their international viewers of 20 million loyal followers throughout many platforms and nearly 60,000 club associates, because they match our enthusiasm and purpose to set the earth on trip. In excess of the earlier 18 months, we have laid the foundation to grow our footprint over and above our core trip possession business enterprise and, nowadays, we include one particular of the most trustworthy and influential brand names in vacation by the acquisition of Travel + Leisure. This legendary brand name, alongside with their authoritative articles and extensive viewers, will assistance accelerate and amplify the expansion of new money-gentle travel enterprises and companies, as we get the next step in expanding our attain inside of the world wide leisure travel sector,” said Wyndham Places CEO Michael Brown in a statement.
To guarantee TNL’s journalistic integrity, Meredith will continue to work and monetize the brand’s media belongings beneath a 30-year royalty-no cost, renewable licensing offer. The publication will still be run by Editor-in-Main Jacqui Gifford and Senior Vice President, Team Publisher Giulio Capua.
For Meredith, the transaction is just the most up-to-date in a collection of non-core asset income it has designed considering that obtaining publisher Time in January 2018 for $2.8 billion. In Oct 2019, Meredith unloaded private finance publication Cash to Advert Practitioners LLC for an undisclosed sum. Earlier that calendar year, Meredith bought Sports activities Illustrated to Reliable Brand names for $150 million.
Thai businessman Chatchaval Jiaravanon purchased enterprise publication Fortune in December 2018 for $150 million. And in September 2018, Salesforce founder Marc Benioff scooped up Time journal for $190 million.
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