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BBC Worldwide reportedly in talks to sell controlling stake in Lonely Planet BBC Worldwide reportedly in talks to sell controlling stake in Lonely Planet
(7 months later)
BBC Worldwide is reportedly in talks to sell a controlling stake in travel guidebooks publisher Lonely Planet to the US billionaire Brad Kelley.BBC Worldwide is reportedly in talks to sell a controlling stake in travel guidebooks publisher Lonely Planet to the US billionaire Brad Kelley.
The corporation's commercial arm will retain a minority stake in the publisher if the deal goes ahead, according to US media site Skift.com.The corporation's commercial arm will retain a minority stake in the publisher if the deal goes ahead, according to US media site Skift.com.
BBC Worldwide – which controversially bought Lonely Planet for £130m in two stages in 2007 and 2011 – has been exploring strategic options for the publisher, including seeking an outside investor, it emerged in December.BBC Worldwide – which controversially bought Lonely Planet for £130m in two stages in 2007 and 2011 – has been exploring strategic options for the publisher, including seeking an outside investor, it emerged in December.
A spokesman for BBC Worldwide said: "We have been exploring strategic options for Lonely Planet for some time now but no deal has been done and we are not going to comment on speculation about its future."A spokesman for BBC Worldwide said: "We have been exploring strategic options for Lonely Planet for some time now but no deal has been done and we are not going to comment on speculation about its future."
Skift.com suggested that the deal could be announced next week, meaning the home to hundreds of revered travel titles could soon find itself on the move for only the second time in its four-decade history.Skift.com suggested that the deal could be announced next week, meaning the home to hundreds of revered travel titles could soon find itself on the move for only the second time in its four-decade history.
Described as a "deeply private" businessman, Kelley is reportedly worth $1.9bn and made his fortune selling discount cigarettes brands. He is rarely photographed in public and shies away from media interviews.Described as a "deeply private" businessman, Kelley is reportedly worth $1.9bn and made his fortune selling discount cigarettes brands. He is rarely photographed in public and shies away from media interviews.
Kelley now invests in cattle ranches, energy technology and construction materials and is one of the biggest landowners in America.Kelley now invests in cattle ranches, energy technology and construction materials and is one of the biggest landowners in America.
In a rare interview with the Wall Street Journal last year, Kelley explained that there was no specific pattern to his more recent investments. "There's never been a grand plan. Life takes you a lot of places. Every day you adjust your compass," he said.In a rare interview with the Wall Street Journal last year, Kelley explained that there was no specific pattern to his more recent investments. "There's never been a grand plan. Life takes you a lot of places. Every day you adjust your compass," he said.
The sale would quickly follow the departure from BBC Worldwide of chief executive John Smith, who championed the Lonely Planet brand in the face of criticism from the corporation's commercial rivals that in buying the travel publisher it had strayed away from its core TV and radio operation.The sale would quickly follow the departure from BBC Worldwide of chief executive John Smith, who championed the Lonely Planet brand in the face of criticism from the corporation's commercial rivals that in buying the travel publisher it had strayed away from its core TV and radio operation.
Tim Davie, the acting director general, is due to take up his new job as BBC Worldwide chief executive and director of global after Lord (Tony) Hall joins the corporation on 2 April.Tim Davie, the acting director general, is due to take up his new job as BBC Worldwide chief executive and director of global after Lord (Tony) Hall joins the corporation on 2 April.
Last year the BBC valued Lonely Planet at £85m, having written down its value by £50m over five years. The sale price under negotiation is not known.Last year the BBC valued Lonely Planet at £85m, having written down its value by £50m over five years. The sale price under negotiation is not known.
The BBC Trust would have to approve any deal involving the sale, or part sale, of Lonely Planet – as it did with the original acquisition.The BBC Trust would have to approve any deal involving the sale, or part sale, of Lonely Planet – as it did with the original acquisition.
BBC Worldwide acquired Lonely Planet in two stages – buying a 75% stake in 2007, followed by the remaining 25% in 2011.BBC Worldwide acquired Lonely Planet in two stages – buying a 75% stake in 2007, followed by the remaining 25% in 2011.
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