Lonely Planet Buys Budget Travel Magazine, Reportedly for $2.4 Million
“It appears, subject to court approval that we may have been the successful bidder on Budget Travel,” Lonely Planet COO Daniel Houghton confirmed to Skift. “The acquisition is part of a continued strategy to improve the assets and resources that Lonely Planet brings to our consumers.”
The purchase price is reportedly $2.4 million, but the final number could not be confirmed.
What Lonely Planet gets in this sale is not certain yet. Remaining subscribers, magazine archives, and digital assets likely come with the sale, but possibly not the name.
In January, magazine founder Arthur Frommer updated a previously filed trademark infringement lawsuit against IntelliTravel Media, which operated the magazine during bankruptcy.