Washington Post Co.'s (WPO) wholly-owned subsidiary Newsweek, Inc., said Thursday that it has entered into an agreement with an affiliate of Fletcher Asset Management, Inc. to acquire all of Newsweek's equity interests in Newsweek Budget Travel, Inc. The terms of the transaction which is expected to close by December 31, 2009 were not disclosed.
New York-based Newsweek Budget Travel, a subsidiary of Newsweek Inc., publishes a travel magazine under the name, Arthur Frommer's Budget Travel ten times a year and operates its travel website budgettravel.com.
The company said that Fletcher will support the current management team, which will be responsible for the daily operation of Budget Travel magazine and budgettravel.com. Further, the company added that Fletcher intends to keep essentially all of Budget Travel's employees.
In the third quarter, Washington Post Co. reported a 33% decline in revenue from magazine publishing division from a year earlier, impacted by Newsweek's 48% year-over-year dip in advertising revenue.
Reports indicate that according to the Publishers Information Bureau, the advertisement pages in Budget Travel declined by 28% this year through September, from the year earlier same period.
Newsweek acquired Budget Travel, founded by travel legend Arthur Frommer, in 1999.
WPO is currently trading at $440.06, down $0.44 or 0.10% on the NYSE on a volume of 32.10 thousand shares on the NYSE.
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