Newsweek, Inc., a wholly-owned subsidiary of The Washington Post Company, announced today that it has entered into an agreement with an affiliate of Fletcher Asset Management, Inc. (Fletcher) to acquire all of Newsweek’s equity interests in Newsweek Budget Travel, Inc. (Budget Travel). The acquisition is expected to close by December 31, 2009. The financial terms of the transaction were not disclosed.
Fletcher will support the current management team, which will be responsible for the day-to-day operation of Budget Travel magazine and budgettravel.com and has indicated that it intends to keep essentially all of Budget Travel’s employees.
Tom Ascheim, Chief Executive Officer of Newsweek said:
“We have been proud to publish Budget Travel, a magazine and website that has won many awards and is well-respected in the industry. We are delighted that under the ownership of Fletcher, Budget Travel’s legacy will carry on and its staff will continue to do their great work.”
Moez Kaba, an executive from Fletcher Asset Management said:
“We are thankful for the opportunity we have had to collaborate with Newsweek in realizing value for The Washington Post Company and positioning the award-winning team at Budget Travel to develop compelling new opportunities for their passionate community to access and share memorable experiences.”