ORLANDO, Fla. & DES MOINES, Iowa–(Enterprise WIRE)–Wyndham Locations (NYSE:WYND) and Meredith Company (NYSE:MDP) nowadays introduced that Wyndham Locations has acquired the Vacation + Leisure brand name and all connected belongings from Meredith Corporation, combining the travel company’s portfolio of vacation resort, membership, and life style travel makes with the world’s most reliable journey way of life content material curator and its travel golf equipment. This acquisition will speed up Wyndham Destinations’ strategic approach to construct on its top place as the world’s greatest getaway club and trade business and increase into new leisure travel and licensing marketplaces.
“We obtained Travel + Leisure, which includes obtain to its world-wide viewers of 35 million faithful followers throughout many platforms and virtually 60,000 club members, because it matches our passion and intent to set the planet on getaway. More than the earlier 18 months, we have laid the foundation to develop our footprint beyond our core getaway possession organization, and now we add one particular of the most trusted and influential makes in vacation by means of the acquisition of Vacation + Leisure,” explained Michael D. Brown, president and chief govt officer of Wyndham Places. “This legendary brand, alongside with its authoritative information and vast audience, will help accelerate and amplify the development of new funds-mild travel firms and expert services, as we choose the up coming action in growing our arrive at within the world-wide leisure journey market.”
In early 2021, Wyndham Destinations will alter its name to Journey + Leisure Co. and will develop its portfolio by several branded items and offerings. The new company will encourage vacationers with Vacation + Leisure’s expert multi-system content to improve its membership journey club enterprises, start new branded vacation expert services, and grow brand name licensing agreements under its Travel + Leisure Group.
The new Travel + Leisure Co. inventory will start buying and selling underneath the ticker symbol NYSE:TNL in mid-February 2021.
Meredith will continue on to function and monetize Journey + Leisure’s media across numerous channels, including its advertising and marketing and advertising routines, below a 30-yr royalty-free of charge, renewable licensing connection. The arrangement guarantees that the brand’s extended-standing commitment to superior-excellent, unbiased vacation journalism will go on less than the management of Vacation +Leisure Editor-in-Main Jacqui Gifford and SVP/Group Publisher, Travel + Leisure Giulio Capua.
“As new stewards of the Journey + Leisure brand name, we are dedicated to guaranteeing that the integrity and independence of its trustworthy, authoritative journalism stays uncompromised. I’m incredibly pleased that Meredith will carry on producing the selection just one travel written content model and important month-to-month client magazine underneath the leadership of Editor-in-Main Jacqui Gifford,” Brown claimed. “For 50 yrs, Travel + Leisure has made available vacation inspiration to tens of hundreds of thousands throughout the planet via immersive, transportive activities across many channels. Its focused readers rely on the manufacturer as a window into the world’s finest destinations, cultures, and experiences, and we glimpse ahead to supporting Meredith as it carries on that mission.”
- The $100 million acquisition will be funded with income on hand of $35 million paid at closing, with trailing payments completed by June 2024. In addition, Wyndham Places has agreed to a five-calendar year marketing determination across Meredith’s portfolio of manufacturers.
- Travel + Leisure Co. will proceed to manage its present-day portfolio of brands and merchandise, with Wyndham Locations now serving as the umbrella brand for its family vacation club resorts, which will continue to leverage the electricity of the Wyndham Benefits method, and with Panorama running the exchange, membership vacation, and engineering companies.
- The acquisition is predicted to be neutral to earnings for the new Vacation + Leisure Co. in yr 1 and accretive in 12 months two. The acquisition contains Vacation + Leisure’s vacation clubs and their approximately 60,000 members.
- Vacation + Leisure Co. will license the manufacturer to Meredith to keep on operating and monetizing T+L’s media platforms in a very long-term agreement.
“This strategic alliance provides a new, innovative tactic to media brand name improvement, and we’re psyched to leverage Wyndham Destinations’ and Meredith’s strengths to greatly enhance and understand Travel + Leisure’s comprehensive possible,” said Meredith Chairman and Chief Govt Tom Harty. “This is a excellent demonstration of the price that powerful brands provide when expanded outside of the media place, and we glance forward to creating much more of these inventive, benefit-boosting plans across our portfolio.”
Travel + Leisure Editor-in-Main Jacqui Gifford stated, “I’m delighted that Wyndham Locations has this kind of a deep knowing of and enjoyment for Vacation + Leisure, and in partnership with Meredith profoundly shares our mission to inspire and empower the world’s most curious and passionate tourists. I have spent time having to know Michael Brown. I’m thrilled that he appreciates the legacy and integrity of this manufacturer, and I appear forward to working with him. We will go on to make and produce impartial, award-profitable journalism and loaded, immersive storytelling, transporting our passionate viewers throughout quite a few platforms to compelling locations all around the entire world. With Wyndham’s backing and support, T+L is poised to speed up its advancement and prosper further than our information though continuing to benefit from Meredith’s prosperous keep track of document in functioning media manufacturers.”
“The Wyndham Locations alliance is a gain-win approach and is indicative of our interest in collaborating with business leaders to enhance the opportunity of our quite a few other highly effective Meredith media models,” claimed John Zieser, Meredith Main Improvement Officer.
The transaction is not anticipated to improve employment at both company.
Deutsche Lender Securities Inc. is serving as economic advisor and Kirkland & Ellis LLP is serving as lawful advisor to Wyndham Locations on this transaction. Cooley LLP is serving as lawful advisor to Meredith Company.
About the New Journey + Leisure Co.
In the first quarter of 2021, Vacation + Leisure Co. will become the world’s foremost membership and leisure vacation company, with a portfolio of almost 20 resort, journey club, and lifestyle vacation makes. The business gives superb family vacation encounters and journey inspiration to millions of homeowners, customers, and subscribers every single year via its goods and companies: Wyndham Destinations, the biggest holiday vacation ownership company with 230 vacation club vacation resort places throughout the globe Panorama, the world’s foremost membership vacation small business that includes the most significant trip exchange business, business-main journey technological know-how, and membership travel brand names and Travel + Leisure Team, that includes prime online and print vacation information, on the net booking platforms and vacation clubs, and branded consumer goods. At Travel + Leisure Co., our world-wide team of associates provides hospitality to millions, turning holiday vacation inspiration into outstanding journey experiences. We set the world on holiday vacation.
About Wyndham Locations
Wyndham Destinations (NYSE: WYND), the world’s largest family vacation club and trade firm, is on a mission to set the environment on holiday. The corporation delivers a lot more than 4 million associates and proprietor people the chance to own, exchange, or rent their getaway knowledge when experiencing high-quality, adaptability, and fantastic worth from a dependable brand name. The company’s Wyndham Trip Clubs supply 230 resorts that give a present-day acquire on the timeshare design through makes Club Wyndham®, Worldmark® by Wyndham, and Margaritaville Vacation Club® by Wyndham. With a world wide presence in 110 countries, the company’s membership journey organization – Panorama – incorporates today’s major family vacation exchange, leisure vacation, and know-how makes, together with RCI, the world-wide leader in family vacation trade that offers entry to 4,200+ affiliated resorts, and Excess Holiday seasons, presenting condominium holidays at lodge charges. Calendar year after yr, our throughout the world staff of associates provides excellent getaway encounters to tens of millions of people as they make life’s favored memories. At Wyndham Destinations, our world is your location.
About Meredith Company
Meredith Corporation (NYSE: MDP), a major media corporation for just about 120 years, provides services journalism that engages audiences with crucial, inspiring, and reliable information. Meredith reaches consumers where they are throughout various platforms, which includes digital, video clip, print, and broadcast television. Meredith’s National Media Team reaches almost 95 per cent of all U.S. gals and far more than 190 million unduplicated American people just about every thirty day period by means of this kind of iconic manufacturers as Men and women, Better Homes & Gardens, Allrecipes, Southern Dwelling, and Actual Straightforward. Meredith’s high quality digital community reaches extra than 150 million buyers each individual thirty day period. The corporation is the No. 1 U.S. magazine operator with 36 million subscribers and the No. 2 worldwide licensor with sturdy brand name licensing things to do that contain a Much better Households & Gardens partnership with Walmart. Meredith’s Neighborhood Media Group portfolio involves 17 tv stations achieving 11 p.c of U.S. households and 30 million viewers. Meredith’s portfolio is concentrated in huge, speedy-expanding markets, with seven stations in the nation’s Top rated 25 marketplaces, such as Atlanta, Phoenix, St. Louis, and Portland, and 13 stations in the Major 50.
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