BBC sells Lonely Planet to NC2 Media for a near £80 million loss
After weeks of speculation and five years in BBC Worldwide’s care, Lonely Planet has been sold to NC2 Media, based in Tennessee.
NC2 is paying £51.5 for 100% of the travel guide specialist with £41.2m to be paid on completion of the deal and the remaining £10.3m in a year’s time.
The deal represents a loss to BBC Worldwide which paid a total of £130.2m for Lonely Planet, when it acquired a 75% stake in 2007 for £88.1 followed by the remaining 25% in 2011 for £42.17m.
Reports say the BBC Trust, the governing body of BBC Worldwide, is calling for a review and has criticised the deal saying it was not “a good commercial investment” and lessons needed to be learned.