Timeshare corporation Wyndham Destinations, which spun off from Wyndham Motels and Resorts in 2018, has obtained Journey + Leisure from Meredith Corp. for $100 million.
Wyndham Destinations, which is publicly traded, will alter its name to Journey + Leisure Co. and will adopt the ticker symbol TNL in mid-February.
Meredith will go on to create and monetize the media belongings less than a renewable 30-yr, royalty-cost-free lease and will cope with promotion and promoting, generate its related print journal and work its web site, podcasts and social media channels.
Editor in main Jacqueline Gifford reported that she and the editorial staff members remain Meredith staff and have been assured of full editorial independence. “It will be enterprise as standard,” she reported.
Wyndham Places CEO Michael D. Brown explained he hopes the combination of T+L’s audience and his firm’s about 60,000 club users will aid the organization expand beyond the holiday vacation ownership organization. In a assertion, he expressed his wish to “speed up and amplify the progress of new cash-light vacation companies and services,” growing its portfolio by means of different branded products and solutions and choices, like “new leisure travel and licensing markets.”
Gifford mentioned that Wyndham Locations experienced initiated the discussion and that talks among the organizations started ahead of the pandemic.
The $100 million deal includes payment of $35 million at closing, with trailing payments completed by June 2024. Wyndham Destinations has also agreed to a 5-yr advertising and marketing dedication across Meredith’s portfolio of media manufacturers. The acquisition is expected to be neutral to earnings for the new Travel + Leisure Co. in 12 months A person and accretive in Yr Two.