I nternet Brands — which is the company that owns FlyerTalk and other Internet web sites — has reached an agreement with Penguin Random House to acquire Fodor’s.
Fodor’s to be Acquired by Internet Brands
“The agreement reflects the growing value and potential of digital and mobile consumer engagement with travel information and content”, according to this press release. “Terms of the transaction were not made public. The closing between the parties is expected to be completed shortly.”
Fodor’s — which is celebrating 80 years this year since the release of its first guidebook publication in 1936 by founder Eugene Fodor — will become part of the consumer Home and Travel group of Internet Brands. “Internet Brands intends to apply its technological expertise and knowledge of digital interest groups and content verticals to grow the Fodor’s online audience and user engagement, while retaining its celebrated print guides.”
The official Internet web site of Fodor’s debuted 20 years ago and receives greater than 4.5 million unique visitors every month. Fodor’s offers travel information pertaining to approximately 7,500 destinations worldwide through both greater than 150 active print versions of its guides and coverage via the Internet. Additionally, Fodor’s also has greater than 250 e-book titles; 25 mobile software application programs; and has greater than one million cumulative subscribers to its daily and weekly newsletters.
In addition to FlyerTalk and Fodor’s, Internet Brands also owns other Internet web sites related to travel — such as Frugal Travel Guy and Wikitravel — and greater than 100 other Internet web sites in its divisions of automotive, health and diversified media; as well as vBulletin, which is the digital bulletin board forum application software that currently powers FlyerTalk.
Kohlberg Kravis Roberts — also known as KKR, a global investment firm — acquired Internet Brands from Hellman & Friedman LLC and JMI Equity in a deal worth $1.1 billion, according to this article I wrote on Tuesday, June 3, 2014. In September of 2010, Internet Brands had been acquired by an affiliate of private equity investment firm Hellman & Friedman Capital Partners VI in a deal said to be worth approximately $640 million.
The Gate had resided at FlyerTalk twice — once when founder Randy Petersen owned FlyerTalk; and once during the ownership of FlyerTalk under Internet Brands.
Summary
The acquisition of Fodor’s further bolsters the travel portfolio of Internet Brands — and I get the feeling that there will be more acquisitions in the travel space by Internet Brands in the future…
Source: Internet Brands.
