Newsweek Sells Budget Travel To Fletcher Asset Management


Barely a month after word slipped out that Newsweek was looking to unload Budget Travel magazine, the Washington Post Co. (NYSE: WPO) unit has sold the title to Fletcher Asset Management. Terms were not disclosed. While most consumer magazines have faced steep declines in ad pages, Budget Travel, which has seen a 27 percent drop this past year, has done a lot better than competitors such as Conde Nast Traveler, which plunged 43 percent during the same January-November period, according to MIN. The deal with Fletcher is set to close just before the end of the year. Fletcher didn’t provide details about its plans for Budget Travel, but the firm did say it intended to keep “essentially all” of the magazine’s employees on staff. Release

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