Monday, Newsweek, Inc., a subsidiary of The Washington Post Company (WPO), said it has sold Arthur Frommer's Budget Travel and BudgetTravel.com to an affiliate of Fletcher Asset Management, Inc. The financial terms of the transaction were not disclosed.
New York-based Newsweek Budget Travel publishes the travel magazine ten times a year and operates its travel website BudgetTravel.com. It acquired Budget Travel from its founder and travel legend Arthur Frommer in 1999.
Arthur Frommer's Budget Travel President Nancy Telliho said that she intended on staying on as President along with the other members of the senior management team like Publisher Bernadette Haley, Editor in Chief Nina Willdorf, Online General Manager Stephen Merrill, and Director of Finance Michele Mausser. The company had earlier said that Fletcher intends to retain essentially all of Budget Travel's employees.
Harold Shain, former President of Newsweek and former President of Newsweek Budget Travel, will rejoin Budget Travel as Chairman.
WPO is currently trading at $445.44, up $0.87 or 0.20%, on a volume of 14,700 shares on the NYSE.
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