Internet Brands, an online media and tech company, announced today that it has acquired travel division Fodor’s from Penguin Random House. The deal is expected to completed soon.
Full press release below:
Fodor’s Travel to be acquired by Internet Brands from Penguin Random House
LOS ANGELES AND NEW YORK (June 21, 2016)—Penguin Random House, the world’s largest trade-book publisher, has reached an agreement to sell Fodor’s, the preeminent travel-content brand, to Internet Brands, a leading Los Angeles-based online media and technology company, whose well-known travel websites such as FlyerTalk.com and Wikitravel.org attract 30 million monthly visitors. The agreement reflects the growing value and potential of digital and mobile consumer engagement with travel information and content. Terms of the transaction were not made public. The closing between the parties is expected to be completed shortly.
Currently celebrating the 80th anniversary of its first guidebook publication in 1936 by founder Eugene Fodor, Fodor’s today offers broad-ranging travel information on about 7,500 destinations worldwide through its print and online coverage. Fodors.com, its pioneering website, which debuted 20 years ago, receives more than 4.5 million unique monthly visitors. Fodor’s publishes more than 150 active print guides, over 250 e-book titles, and 25 mobile apps, and has more than one million cumulative subscribers to its daily and weekly newsletters.
Fodor’s will become part of Internet Brands’ consumer Home/Travel group, whose portfolio of online travel brands provide business and leisure travelers with vital information about all aspects of their journeys, from best deals on airline tickets to selecting the ideal hotel. Internet Brands intends to apply its technological expertise and knowledge of digital interest groups and content verticals to grow the Fodor’s online audience and user engagement, while retaining its celebrated print guides.
Penguin Random House will continue to sell and distribute Fodor’s print guides to the book trade on behalf of Internet Brands. While the majority of its content is published online, Internet Brands is experienced in print publication. With previous acquisitions such as Nolo, a publisher of legal guidebooks for consumers, the company has grown its legal content websites while maintaining its Nolo Press active print-publishing program.
“The Fodor’s name is legendary, and we have a deep appreciation for its history and the direct impact Fodor’s has on the way people explore new places,” said Bob Brisco, CEO at Internet Brands. “Internet Brands has a proven history of navigating legacy brands to strong growth in the digital world. We’re confident that Internet Brands is the ideal partner to ensure that the Fodor’s brand continues to guide travelers for generations to come.”
Markus Dohle, CEO of Penguin Random House, said, “We couldn’t be more proud of all that Fodor’s has accomplished as a highly popular and innovative travel-content brand, whose own great journey has been its transformation from a print to a digital company, with an outstanding digital portfolio to match the quality of its iconic print guides. For Fodor’s to now reach its fullest e-commerce potential we believe the best path forward is for it to become part of Internet Brands: highly motivated tech entrepreneurs and content creators who share our passion for the brand, and have the focus, drive, and resources to deliver greater benefits to consumers and to business partners from Fodor’s online presence. We look forward to working with Internet Brands to ensure that Fodor’s print guides continue to thrive.”
Headquartered in El Segundo, Calif., Internet Brands® is a fully integrated online media and software services organization focused on four high-value vertical categories: Automotive, Health, Legal and Home /Travel. The company’s award-winning consumer websites lead their categories and serve more than 100 million monthly visitors, while a full range of web presence offerings has established deep, long-term relationships with SMB and enterprise clients. Internet Brands’ powerful, proprietary operating platform provides the flexibility and scalability to fuel the company’s continued growth. For more information, please visit www.internetbrands.com.
The Fodor’s name has been synonymous with travel for 80 years. Our award-winning guidebooks, website, eBooks, and mobile apps provide today’s traveler with up-to-the-minute information to over 7,500 worldwide destinations. Our vast team of global correspondents offers highly curated, expert advice on how to travel smarter, from the best arts and culture offerings, to tips and strategies for an authentic and immersive experience, and the right hotels and restaurants for every taste and budget. Learn more at Fodors.com and join our engaged travel community on Facebook (facebook.com/FodorsTravel), Twitter (@fodorstravel) and Instagram (@FodorsTravel). Fodor’s Travel is an imprint of Random House LLC, a Penguin Random House Company.
Penguin Random House is dedicated to nourishing a universal passion for reading as the world’s first truly global trade book publisher. Penguin Random House employs more than 10,000 people globally across almost 250 editorially and creatively independent imprints and publishing houses that collectively publish more than 15,000 new titles annually. Its publishing lists include more than 70 Nobel Prize laureates and hundreds of the world’s most widely read authors. www.penguinrandomhouse.com.
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