Newsweek, Inc. Acquires Arthur Frommer's Budget Travel Magazine
Posted on December 20, 1999Newsweek, Inc. has acquired Arthur Frommer's Budget Travel magazine, published by Group XXVII Communications L.L.C. Newsweek Chairman and Editor-In-Chief Richard M. Smith and President and Chief Operating Officer Harold Shain made the announcement. Newsweek is making the acquisition through its wholly owned subsidiary, Newsweek Budget Travel, Inc.
"We're delighted to join with Arthur Frommer, one of the true giants in travel journalism, and the superb editorial and business teams that Group XXVII's Don Welsh and publisher Jake Hill have put together," said Smith. "The magazine is off to a wonderful start, and we are confident that it can continue on its path to becoming an enduring industry leader and an excellent business."
Arthur Frommer, co-founder and editor-in-chief, said: "This new affiliation will permit Budget Travel to become, even more quickly than before, the nation's leading travel magazine. I will continue as its editor-in-chief and I'm delighted to be part of such a distinguished and principled media company as Newsweek/The Washington Post. Budget Travel, and all that it stands for, will be in good hands."
Under the agreement, Budget Travel will remain independent, maintaining its own editorial staff, support personnel and infrastructure. In addition, Frommer will oversee the magazine's content as well as contribute articles and commentaries in each issue. Jacob Hill, publisher and a co-founder of the magazine, will continue in his role. Additional Arthur Frommer-branded properties, to be included in the agreement, are a monthly newsletter, a weekly syndicated newspaper column and The Arthur Frommer's Budget Travel Club that was launched earlier this year.