The Bookseller reports that BBC Trust approval has been obtained for the sale of Lonely Planet to US media giant NC2.
BBC Worldwide has owned the imprint outright since 2011, apparently having bought it for £130m, paid in two instalments.
BBC Trust chairman Chris Patten has gone on record as saying that Lonely Planet "did not prove to be a good commercial investment" for BBC Worldwide.
Never a truer word. BBC Worldwide will receive £51.5m for 100% of Lonely Planet, again in two instalments, £41.2m paid on signature and £10.3m paid in one year's time.
One really wonders what went wrong. People are traveling like never before--don't they do their homework any more?
Anyway, look forward to seeing an interactive digital format. NC2, headquartered in Nashville, Tennessee, is focused on the creation, acquisition and distribution of digital content and the development of the technologies behind this. The company's primary shareholder is American businessman Brad Kelley.
Lonely Planet was founded in 1972 by Tony and Maureen Wheeler.
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