The Times
The BBC has vowed never to make another takeover in the vein of Lonely Planet after its commercial arm booked an £80 million loss on the disastrous deal.
The Australian publishing brand beloved of backpackers has been sold for £51.5 million to Tennessee investor NC2 Media. The price is 60 per cent lower than the £130.2 million paid by BBC Worldwide in two tranches in 2007 and 2011 to acquire the business.
The deal, when revealed in 2007, was the largest acquisition that the BBC had made and signalled an aggressive expansion by the broadcaster’s commercial arm, BBC Worldwide, which had raised £350 million to invest in new businesses. However, the deal proved contentious and was widely criticised as an inappropriate move by the BBC.
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