Tue, 05 Mar 2013 | BUSINESS SALE
The BBC's commercial arm, BBC Worldwide, is set to sell off its majority stake in the Lonely Planet travel guide business.
Reports from US media site Skift.com suggest that a buyer has been found in the shape of reclusive American billionaire Brad Kelley from Kentucky.
A spokesman for the BBC commented on the rumours regarding the deal: “We have been exploring strategic options for Lonely Planet for some time, but no deal has been done and we are not going to comment on speculation.”
The BBC bought the stake five years ago for around £130 million in two stages amid criticism and suggestions that the purchase was outside of its public service broadcasting remit. With recent reports suggesting that the shares are now worth just £85 million, critics are likely to find further cause for concern in the broadcasting group's investment decisions.
Confirmation of the deal is expected to be announced next week and will see the travel guides join Kelley's other varied investments, which include energy technology, construction materials and cattle ranches. Reportedly worth $1.9 billion, Kelley, who made his fortune in sales of discount cigarette brands, is also one of the largest landowners in the US but he tends to shy away from media attention as much as possible.
____________________________________________________________________________
Related articles:
Now is the time to buy a business, despite the recession
Things to consider when buying a business
Project Uranium designs and provides a high performing range of single-glazed and double-glazed partitioning systems. To further enhance this portfolio, the company has designed and laboratory-tested a fire-rated range, alongside a variety of acousti...
The company is a retailer of high-end costume jewellery operating out of a premium-located London store, with its growing online presence enabling it to attract interest from customers worldwide. Revenue is predominantly generated in-store, with the...
The business’s services encompass manned guarding, CCTV monitoring, vehicle patrol, key holding, event security, and door supervision, all delivered by highly qualified security personnel. The company offer a range of specialised security solutions,...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.