PublishersLunch
Wiley announced Monday morning it has
"entered into a definitive agreement to sell all of its travel
assets, including all of its interests in the Frommer's brand,"
to Google.
The publisher had said in March it intended investigate
the sale of "a number of consumer print and digital publishing assets in
its professional/trade business that no longer align with the company’s
long-term strategies." Those properties included Frommer's, as well as
CliffsNotes, and Webster's New World. Prospective buyers reported to us that
they were originally told Wiley preferred to find a single purchaser, but given
the diversity of the properties--which are verticalized across many interests
(also including culinary, general interest, nautical, pets, and
crafts)--locating a single buyer presumably proved difficult.
For Google, the purchase builds on their
acquisition of Zagat's in September 2011 for approximately $151 million, and
provides them even more significant book publishing-related IP. Wiley said
recently that the entire collection of trade/professional assets up for sale
drove approximately $80 million in annual revenues. The announcement indicates
that other sales "may arise from the sale of other consumer
assets," and all proceeds "will be redeployed to support growth opportunities
in Professional/Trade; Scientific, Technical, Medical, and Scholarly; and
Global Education businesses."
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