Wyndham Destinations has announced the acquisition of the Travel + Leisure media brand and all related assets from Meredith Corporation.
Wyndham said in a statement that the US$100 million ($129.8 million) purchase will accelerate its plan to build on its position as the world’s largest vacation club and exchange company, and to expand into new leisure travel and licensing markets.
As part of the deal, Wyndham has agreed to a five-year marketing commitment across Meredith’s portfolio of brands
In early 2021, Wyndham Destinations will change its name to Travel + Leisure Co. and will expand its portfolio through various branded products and offerings, according to the company’s statement.
Meredith will continue to operate and monetise Travel + Leisure’s media across multiple channels, including its advertising and marketing activities, under a 30-year royalty-free, renewable licensing relationship.
Wyndham said the agreement ensures that the brand’s longstanding commitment to high-quality, independent travel journalism will continue under the leadership of Travel +Leisure editor-in-chief Jacqui Gifford and senior vice president and group publisher Giulio Capua.
“We acquired Travel + Leisure, including access to its global audience of 35 million loyal followers across multiple platforms and nearly 60,000 club members, because it matches our passion and purpose to put the world on vacation,” Wyndham president and CEO Michael Brown said.
“This iconic brand, along with its authoritative content and wide audience, will help accelerate and amplify the growth of new capital-light travel businesses and services, as we take the next step in expanding our reach within the global leisure travel industry.”
Meredith chairman and CEO Tom Harty said: “This strategic alliance brings a new, innovative approach to media brand development, and we’re excited to leverage Wyndham Destinations’ and Meredith’s strengths to enhance and realise Travel + Leisure’s full potential.
“This is a great demonstration of the value that strong brands deliver when expanded beyond the media space, and we look forward to developing more of these creative, value-enhancing programs across our portfolio.”
Wyndham said the transaction is not expected to change employment at either company.