Lonely Planet sold at a loss to US firm
Source: AFP |
March 20, 2013, Wednesday
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Print Edition
Print Edition
THE BBC's commercial arm is selling the Lonely Planet travel guide business to a US media firm at a loss of almost 80 million pounds (US$121 million), the British broadcaster said yesterday.
NC2 Media will buy Lonely Planet, which publishes hugely popular travel guides in nine languages, for 51.5 million pounds.
But the price is a massive 60 percent loss on the 130.2 million pounds that BBC Worldwide spent acquiring the publisher in two chunks in 2007 and 2011.
The BBC Trust, a governing body, has ordered a review into the huge loss.
"Although this did not prove to be a good commercial investment, Worldwide is a very successful business, and at the time of purchase there was a credible rationale for this deal," said the Trust's vice-chairwoman Diane Coyle.
"Given the significant financial loss to Worldwide, however, we have asked the BBC Executive to commission a review of lessons learned and report to the Trust with its findings."
The BBC sparked controversy with its purchase of Lonely Planet because its commercial arm had previously been involved in selling BBC productions.
NC2 Media will buy Lonely Planet, which publishes hugely popular travel guides in nine languages, for 51.5 million pounds.
But the price is a massive 60 percent loss on the 130.2 million pounds that BBC Worldwide spent acquiring the publisher in two chunks in 2007 and 2011.
The BBC Trust, a governing body, has ordered a review into the huge loss.
"Although this did not prove to be a good commercial investment, Worldwide is a very successful business, and at the time of purchase there was a credible rationale for this deal," said the Trust's vice-chairwoman Diane Coyle.
"Given the significant financial loss to Worldwide, however, we have asked the BBC Executive to commission a review of lessons learned and report to the Trust with its findings."
The BBC sparked controversy with its purchase of Lonely Planet because its commercial arm had previously been involved in selling BBC productions.
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