Plus   Neg

Washington Post Unit To Sell Budget Travel - Quick Facts

Newsweek Inc., a unit of Washington Post Co. (WPO), said that it has agreed to sell all of its equity interests in Newsweek Budget Travel Inc. to an affiliate of Fletcher Asset Management Inc. Financial terms of the transaction were not disclosed. The acquisition is expected to close by December 31.

The company noted that Fletcher will support the current management team, which will be responsible for the day-to-day operation of Budget Travel magazine and budgettravel.com. Fletcher has indicated that it intends to keep essentially all of Budget Travel's employees.

For comments and feedback contact: editorial@rttnews.com

Follow RTT