Meredith Corp. has sold Travel + Leisureto timeshare resort company Wyndham Destinations for $100 million.
The acquisition “will accelerate Wyndham Destinations’ strategic plan to build on its leading position as the world’s largest vacation club and exchange company and expand into new leisure travel and licensing markets,” according to the two companies.
Wyndham Destinations will license Travel + Leisure’s media properties back to Meredith, so that the publishing company can continue to operate and monetize the brand across multiple channels — including its advertising and marketing activities — under a 30-year royalty-free, renewable agreement.
Wyndham Destinations has agreed to a five-year marketing commitment across Meredith’s portfolio of brands.
Travel + Leisure's editorial content will remain independent, and the monthly magazine will continue to be published, under the leadership of Travel + Leisure editor in chief Jacqui Gifford and senior vice president and group publisher Giulio Capua.
Travel + Leisure says it has a global audience of 35 million, and nearly 60,000 members in its travel clubs.
The combined company will have 18 resort, travel and lifestyle brands, according to Wall Street Journal reporting.
The acquisition is not expected to affect staff employment at either company.
“Over the past 18 months, we have laid the foundation to expand our footprint beyond our core vacation ownership business,” stated Michael D. Brown, president and CEO of Wyndham Destinations.
The Travel + Leisure brand “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," he added.
Wyndham Destinations will soon change its corporate name to Travel + Leisure Co. The company says it plans to expand its portfolio through branded products and offerings.
The new company will use Travel + Leisure’s content to grow its membership travel club businesses and brand licensing agreements under Travel + Leisure Group, as well as launch branded travel services.
“As new stewards of the Travel + Leisure brand, we are committed to ensuring the integrity and independence of its trusted, authoritative journalism remains uncompromised,” Brown stated.