Wyndham Destinations to Acquire Travel + Leisure for $100 Million
Wednesday, January 6, 2021
Wyndham Destination has just announced its decision to purchase Travel + Leisure from publisher Meredith Corporation with the hopes of broadening its audience reach through the magazine’s many travel guides, planning tools, and shared stories. The purchase is said to close in mid-February of 2021.
The brand’s media assets will continue to be operated and monetized by Meredith under a 30-year, royalty-free, renewable licensing deal. Included in this deal are Editor-in-Chief Jacqui Gifford and Senior Vice President, Group Publisher Giulio Capua holding on to their existing roles.
Michael Brown, CEO of Wyndham Destinations was excited to speak on the subject:
“We acquired Travel + Leisure, including access to their global audience of 20 million loyal followers across multiple platforms and nearly 60,000 club members, because they match our passion and purpose to put the world on vacation. Over the past 18 months, we have laid the foundation to expand our footprint beyond our core vacation ownership business and, today, we add one of the most trusted and influential brands in travel through the acquisition of Travel + Leisure. This iconic brand, along with their authoritative content and wide audience, will help accelerate and amplify the growth of new capital-light travel businesses and services, as we take the next step in expanding our reach within the global leisure travel industry.”
After completing the transaction, Travel + Leisure’s corporate name will be changed to Travel + Leisure Co. with the trade ticker symbol ‘TNL’ on the New York Stock Exchange.
This acquisition is one of many conducted by Meredith since its purchase of publisher Time in January of 2018 for $2.8 billion. Preceding the Travel + Leisure deal, Meredith sold Money to Ad Practitioners LLC, Sports Illustrated to Authentic Brands for $150 million, Fortune to Thai businessman Chatchaval Jiaravanon for $150 million, and lastly Time magazine to Salesforce Founder Marc Benioff for $190 million.
For more on Wyndham and this latest development please visit their official website.