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.
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