PARSIPPANY, N.J. — Wyndham Destinations has acquired the Travel + Leisure brand and all related assets from Meredith Corporation in a deal worth $100 million.
This acquisition is intended to accelerate Wyndham Destinations’ strategic plan to build on its platform and expand into new leisure-travel and licensing markets.
“We acquired Travel + Leisure, including access to its global audience of 35-million loyal followers across multiple platforms and nearly 60,000 club members, because it matches our passion and purpose to put the world on vacation. Over the past 18 months, we have laid the foundation to expand our footprint beyond our core vacation-ownership business and, today, we add one of the most trusted and influential brands in travel through the acquisition of Travel + Leisure,” says Michael D. Brown, president and CEO of Wyndham Destinations. “This iconic brand, along with its authoritative content and wide audience, 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.”
In early 2021, Wyndham Destinations will change its name to Travel + Leisure Co. and will expand its portfolio through various branded products and offerings. The new company aims to inspire travellers with Travel + Leisure’s expert multi-platform content to grow its membership travel club businesses, launch new branded travel services and expand brand licensing agreements under its Travel + Leisure Group.
The new Travel + Leisure Co. stock will begin trading under the ticker symbol NYSE:TNL in mid-February 2021.
Meredith will continue to operate and monetize Travel + Leisure’s media across multiple channels, including its advertising and marketing activities, under a 30-year royalty-free, renewable licensing relationship. The agreement ensures that the brand’s long-standing commitment to independent travel journalism will continue under the leadership of editor-in-chief Jacqui Gifford and SVP/group publisher, Giulio Capua.