Lonely Planet sold again
Lonely Planet has been sold to a US media group by its parent company, BBC Worldwide, after years of financial strain on the business.
The sale of the group, to Nashville-based NC2 for $75 million, ends another era for the global backpacking brand, which was founded in the 1970s by Melbournians Maureen and Tony Wheeler and has since passed hands, first in part and then in full, to BBC Worldwide.
“Lonely Planet’s financial performance has been impacted in recent years by the continued strength of the Australian dollar, the rapid consolidation of the publishing industry and a global recession which affected leisure travel, ” a joint statement said.
BBC Worldwide said it had been “exploring strategic options for Lonely Planet over the last year and was keen to find a new owner that could bring greater focus and capital to the business.”
The BBC said the sale of the business would occur at the end of the month, and Lonely Planet will continue to function as a global operation. NC2 Media’s primary shareholder is Brad Kelley, an American businessman and Forbes 400 member.
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