Budget Travel Magazine

Mondo Times editors    Boulder Colorado USA

Posted at 6:49pm on Monday, January 25th, 2010

Fletcher Affiliate Closes Purchase of Budget Travel

New York (January 25, 2010) -- Arthur Frommer's Budget Travel President, Nancy Telliho announced today that an affiliate of Fletcher Asset Management, Inc. has officially closed on the purchase of Budget Travel and BudgetTravel.com from Newsweek, Inc. a wholly owned subsidiary of The Washington Post Company. The financial terms of the transaction were not disclosed.

Telliho confirms that while Budget Travel is under new ownership she intends to stay on as President along with the entirety of the senior management team: Bernadette Haley, Publisher; Nina Willdorf, Editor in Chief, Stephen Merrill, Online General Manager and Michele Mausser, Director of Finance.

The Company also announced that Harold Shain, former President of Newsweek, Inc., and former President of Newsweek Budget Travel, Inc., will rejoin Budget Travel as Chairman. Shain will help oversee the Company and, with Telliho, will guide the Company in identifying and developing new areas of opportunity for Budget Travel.

Moez Kaba, of Fletcher Asset Management, remarks: "With Harold's return and Nancy's continued leadership, the nimble team at Budget Travel should find this otherwise challenging environment an opportune time to form valuable corporate partnerships that expand, in print and online, one of America's most trusted travel resources."

Nancy Telliho, President, says: "We are thrilled to find ourselves under new ownership with a firm that recognizes the strength of the Budget Travel brand in both print and online. With Fletcher's support, and Harold's involvement, we are well positioned for even greater growth than we've experienced in our first 10 years. Fletcher's confidence in the senior team is gratifying and we look forward to great success together."

The acquisition was closed with the participation of Hayfield Capital, an advisory firm based in New York City. Jacob Hill, a co-founder of Hayfield, also served as the original Publisher of Budget Travel from its launch in 1997 until its acquisition by Newsweek in 1999.

Mondo Times editors    Boulder Colorado USA

Posted at 10:50am on Thursday, December 17th, 2009

Newsweek Enters Agreement for the Sale of Budget Travel

"NEW YORK, December 17, 2009 -- Newsweek, Inc. announced today that it has entered into an agreement with an affiliate of Fletcher Asset Management, Inc. to acquire all of Newsweek's equity interests in Newsweek Budget Travel, Inc. The acquisition is expected to close by December 31, 2009. The financial terms of the transaction were not disclosed.

Fletcher will support the current management team, which will be responsible for the day-to-day operation of Budget Travel magazine and budgettravel.com and has indicated that it intends to keep essentially all of Budget Travel's employees."