ORLANDO, Fla. & DES MOINES, Iowa–(Business WIRE)–Wyndham Destinations (NYSE:WYND) and Meredith Corporation (NYSE:MDP) now introduced that Wyndham Locations has obtained the Vacation + Leisure brand name and all associated assets from Meredith Corporation, combining the vacation company’s portfolio of vacation resort, membership, and lifestyle journey brands with the world’s most dependable travel lifestyle material curator and its travel golf equipment. This acquisition will accelerate Wyndham Destinations’ strategic program to make on its foremost posture as the world’s largest getaway club and exchange enterprise and expand into new leisure vacation and licensing marketplaces.
“We acquired Travel + Leisure, together with accessibility to its global audience of 35 million loyal followers across various platforms and practically 60,000 club customers, because it matches our enthusiasm and intent to set the earth on vacation. About the past 18 months, we have laid the basis to expand our footprint over and above our main holiday vacation ownership organization, and nowadays we include one of the most reliable and influential brands in travel by the acquisition of Journey + Leisure,” mentioned Michael D. Brown, president and chief executive officer of Wyndham Places. “This iconic model, along with its authoritative content material and broad viewers, will aid accelerate and amplify the development of new cash-light journey businesses and services, as we choose the up coming phase in expanding our attain within just the global leisure travel industry.”
In early 2021, Wyndham Places will adjust its identify to Journey + Leisure Co. and will expand its portfolio via many branded products and choices. The new company will encourage travelers with Travel + Leisure’s pro multi-system information to develop its membership travel club enterprises, launch new branded journey providers, and grow manufacturer licensing agreements below its Journey + Leisure Group.
The new Travel + Leisure Co. stock will start buying and selling beneath the ticker image NYSE:TNL in mid-February 2021.
Meredith will continue on to work and monetize Travel + Leisure’s media across various channels, which includes its advertising and marketing and marketing pursuits, less than a 30-12 months royalty-free, renewable licensing relationship. The arrangement ensures that the brand’s very long-standing motivation to large-high quality, independent travel journalism will continue below the leadership of Vacation +Leisure Editor-in-Chief Jacqui Gifford and SVP/Team Publisher, Travel + Leisure Giulio Capua.
“As new stewards of the Vacation + Leisure brand, we are dedicated to making certain that the integrity and independence of its trusted, authoritative journalism continues to be uncompromised. I’m pretty happy that Meredith will go on generating the quantity 1 travel content material manufacturer and major month-to-month consumer journal underneath the leadership of Editor-in-Main Jacqui Gifford,” Brown stated. “For 50 yrs, Travel + Leisure has available journey inspiration to tens of tens of millions across the earth by way of immersive, transportive activities throughout a lot of channels. Its dedicated viewers rely on the brand as a window into the world’s very best locations, cultures, and ordeals, and we seem forward to supporting Meredith as it proceeds that mission.”
- The $100 million acquisition will be funded with hard cash on hand of $35 million paid out at closing, with trailing payments finished by June 2024. In addition, Wyndham Destinations has agreed to a 5-calendar year internet marketing motivation throughout Meredith’s portfolio of brand names.
- Vacation + Leisure Co. will proceed to manage its present-day portfolio of models and solutions, with Wyndham Destinations now serving as the umbrella manufacturer for its family vacation club resorts, which will keep on to leverage the electricity of the Wyndham Rewards system, and with Panorama functioning the exchange, membership journey, and technological know-how enterprises.
- The acquisition is envisioned to be neutral to earnings for the new Journey + Leisure Co. in 12 months 1 and accretive in yr two. The acquisition consists of Travel + Leisure’s journey clubs and their just about 60,000 customers.
- Journey + Leisure Co. will license the brand to Meredith to carry on functioning and monetizing T+L’s media platforms in a extended-time period settlement.
“This strategic alliance delivers a new, progressive solution to media model progress, and we’re energized to leverage Wyndham Destinations’ and Meredith’s strengths to greatly enhance and comprehend Travel + Leisure’s entire potential,” explained Meredith Chairman and Main Executive Tom Harty. “This is a fantastic demonstration of the worth that potent brands supply when expanded past the media house, and we search ahead to acquiring additional of these resourceful, price-improving courses throughout our portfolio.”
Travel + Leisure Editor-in-Main Jacqui Gifford explained, “I’m delighted that Wyndham Destinations has these a deep understanding of and excitement for Journey + Leisure, and in partnership with Meredith profoundly shares our mission to encourage and empower the world’s most curious and passionate tourists. I have put in time receiving to know Michael Brown. I’m thrilled that he appreciates the legacy and integrity of this brand name, and I search ahead to doing the job with him. We will go on to generate and deliver unbiased, award-successful journalism and wealthy, immersive storytelling, transporting our passionate audience throughout many platforms to persuasive locations close to the world. With Wyndham’s backing and assistance, T+L is poised to speed up its advancement and prosper further than our content material even though continuing to benefit from Meredith’s effective keep track of report in operating media manufacturers.”
“The Wyndham Locations alliance is a win-win method and is indicative of our desire in collaborating with sector leaders to enhance the likely of our many other strong Meredith media brand names,” claimed John Zieser, Meredith Chief Advancement Officer.
The transaction is not anticipated to change work at possibly firm.
Deutsche Bank Securities Inc. is serving as economic advisor and Kirkland & Ellis LLP is serving as lawful advisor to Wyndham Destinations on this transaction. Cooley LLP is serving as lawful advisor to Meredith Company.
About the New Vacation + Leisure Co.
In the first quarter of 2021, Vacation + Leisure Co. gets the world’s primary membership and leisure travel corporation, with a portfolio of approximately 20 resort, journey club, and way of life journey brand names. The business provides outstanding holiday vacation ordeals and travel inspiration to thousands and thousands of homeowners, customers, and subscribers each 12 months by means of its products and providers: Wyndham Destinations, the most significant holiday vacation possession enterprise with 230 trip club resort places across the globe Panorama, the world’s foremost membership journey company that involves the greatest holiday exchange organization, marketplace-leading journey technologies, and subscription journey models and Journey + Leisure Team, that includes best on the net and print journey information, on the web reserving platforms and journey golf equipment, and branded consumer products and solutions. At Journey + Leisure Co., our international team of associates delivers hospitality to tens of millions, turning holiday inspiration into extraordinary journey ordeals. We place the entire world on holiday vacation.
About Wyndham Locations
Wyndham Locations (NYSE: WYND), the world’s premier vacation club and trade corporation, is on a mission to set the earth on holiday. The firm presents more than 4 million customers and operator households the chance to possess, exchange, or rent their family vacation practical experience though enjoying quality, versatility, and good price from a reliable model. The company’s Wyndham Holiday vacation Clubs offer you 230 resorts that present a modern day consider on the timeshare product by means of models Club Wyndham®, Worldmark® by Wyndham, and Margaritaville Holiday Club® by Wyndham. With a international existence in 110 international locations, the company’s membership journey company – Panorama – consists of today’s main getaway exchange, leisure travel, and technological innovation models, which include RCI, the world-wide chief in trip trade that offers entry to 4,200+ affiliated resorts, and Excess Holiday seasons, giving apartment holidays at hotel charges. Yr right after calendar year, our throughout the world group of associates provides remarkable holiday encounters to hundreds of thousands of family members as they make life’s favourite recollections. At Wyndham Places, our entire world is your desired destination.
About Meredith Company
Meredith Company (NYSE: MDP), a major media firm for virtually 120 a long time, makes provider journalism that engages audiences with crucial, inspiring, and trustworthy material. Meredith reaches buyers where they are across several platforms, which includes digital, video clip, print, and broadcast television. Meredith’s Nationwide Media Team reaches almost 95 per cent of all U.S. girls and much more than 190 million unduplicated American customers each and every month as a result of these types of iconic models as Men and women, Improved Houses & Gardens, Allrecipes, Southern Living, and True Basic. Meredith’s quality electronic network reaches additional than 150 million people each and every month. The company is the No. 1 U.S. journal operator with 36 million subscribers and the No. 2 international licensor with strong brand name licensing functions that include a Much better Properties & Gardens partnership with Walmart. Meredith’s Local Media Group portfolio features 17 television stations achieving 11 % of U.S. homes and 30 million viewers. Meredith’s portfolio is concentrated in huge, fast-developing marketplaces, with 7 stations in the nation’s Top 25 marketplaces, including Atlanta, Phoenix, St. Louis, and Portland, and 13 stations in the Top 50.
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