Washington Post Co.'s (WPO) wholly-owned subsidiary Newsweek Inc. said that an affiliate of Fletcher Asset Management Inc. officially closed the acquisition of Newsweek's equity interests in Newsweek Budget Travel Inc. Financial terms of the transaction were not disclosed.
Arthur Frommer's Budget Travel President, Nancy Telliho confirmed that while Budget Travel is under new ownership she intends to stay on as President along with the entirety of the senior management team: Bernadette Haley, Publisher; Nina Willdorf, Editor in Chief, Stephen Merrill, Online General Manager and Michele Mausser, Director of Finance.
The company also said that Harold Shain, former President of Newsweek Inc., and former President of Newsweek Budget Travel Inc., will rejoin Budget Travel as Chairman. Shain will help oversee the Company and, with Telliho, will guide the company in identifying and developing new areas of opportunity for Budget Travel.
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