ORLANDO, Fla. & DES MOINES, Iowa–(Business WIRE)–Wyndham Locations (NYSE:WYND) and Meredith Company (NYSE:MDP) today announced that Wyndham Destinations has obtained the Vacation + Leisure brand and all related property from Meredith Corporation, combining the travel company’s portfolio of vacation resort, membership, and way of life vacation models with the world’s most dependable travel life-style information curator and its travel clubs. This acquisition will speed up Wyndham Destinations’ strategic prepare to create on its primary position as the world’s biggest vacation club and exchange firm and increase into new leisure vacation and licensing marketplaces.
“We obtained Travel + Leisure, such as entry to its world-wide viewers of 35 million loyal followers across a number of platforms and almost 60,000 club associates, simply because it matches our passion and goal to put the planet on family vacation. In excess of the past 18 months, we have laid the foundation to extend our footprint over and above our main trip possession enterprise, and these days we insert a person of the most dependable and influential models in vacation via the acquisition of Vacation + Leisure,” reported Michael D. Brown, president and main govt officer of Wyndham Destinations. “This legendary manufacturer, along with its authoritative content material and huge audience, will help accelerate and amplify the expansion of new funds-gentle vacation enterprises and companies, as we just take the upcoming phase in expanding our reach in the world-wide leisure travel market.”
In early 2021, Wyndham Locations will modify its name to Journey + Leisure Co. and will grow its portfolio by way of various branded products and choices. The new company will encourage vacationers with Travel + Leisure’s professional multi-system articles to grow its membership travel club corporations, start new branded travel companies, and grow brand name licensing agreements underneath its Travel + Leisure Group.
The new Travel + Leisure Co. inventory will start buying and selling under the ticker symbol NYSE:TNL in mid-February 2021.
Meredith will continue to function and monetize Journey + Leisure’s media throughout a number of channels, such as its promotion and marketing and advertising functions, underneath a 30-yr royalty-no cost, renewable licensing romance. The settlement makes sure that the brand’s extensive-standing dedication to superior-quality, independent vacation journalism will proceed underneath the management of Vacation +Leisure Editor-in-Chief Jacqui Gifford and SVP/Team Publisher, Journey + Leisure Giulio Capua.
“As new stewards of the Vacation + Leisure brand, we are dedicated to guaranteeing that the integrity and independence of its trustworthy, authoritative journalism stays uncompromised. I’m extremely delighted that Meredith will continue producing the selection just one vacation content material manufacturer and major month to month customer journal under the management of Editor-in-Chief Jacqui Gifford,” Brown mentioned. “For 50 yrs, Journey + Leisure has offered vacation inspiration to tens of millions throughout the earth as a result of immersive, transportive activities throughout quite a few channels. Its devoted visitors count on the model as a window into the world’s ideal places, cultures, and ordeals, and we search ahead to supporting Meredith as it carries on that mission.”
Transaction Particulars
- The $100 million acquisition will be funded with money on hand of $35 million paid out at closing, with trailing payments concluded by June 2024. In addition, Wyndham Destinations has agreed to a five-calendar year internet marketing motivation throughout Meredith’s portfolio of makes.
- Travel + Leisure Co. will continue to maintain its present portfolio of brand names and goods, with Wyndham Places now serving as the umbrella brand for its holiday vacation club resorts, which will continue to leverage the ability of the Wyndham Rewards application, and with Panorama functioning the trade, membership vacation, and technological know-how businesses.
- The acquisition is envisioned to be neutral to earnings for the new Travel + Leisure Co. in calendar year a single and accretive in year two. The acquisition includes Journey + Leisure’s vacation clubs and their practically 60,000 members.
- Vacation + Leisure Co. will license the model to Meredith to continue functioning and monetizing T+L’s media platforms in a extensive-expression arrangement.
“This strategic alliance brings a new, progressive strategy to media brand name improvement, and we’re psyched to leverage Wyndham Destinations’ and Meredith’s strengths to boost and comprehend Vacation + Leisure’s full likely,” said Meredith Chairman and Chief Government Tom Harty. “This is a terrific demonstration of the benefit that solid brands supply when expanded over and above the media room, and we seem ahead to building additional of these inventive, price-maximizing programs across our portfolio.”
Vacation + Leisure Editor-in-Chief Jacqui Gifford said, “I’m delighted that Wyndham Places has this kind of a deep understanding of and exhilaration for Vacation + Leisure, and in partnership with Meredith profoundly shares our mission to encourage and empower the world’s most curious and passionate tourists. I’ve expended time obtaining to know Michael Brown. I’m thrilled that he appreciates the legacy and integrity of this brand name, and I search forward to doing the job with him. We will continue to create and provide unbiased, award-successful journalism and loaded, immersive storytelling, transporting our passionate viewers throughout various platforms to powerful destinations all over the globe. With Wyndham’s backing and assistance, T+L is poised to speed up its development and prosper beyond our articles whilst continuing to benefit from Meredith’s effective keep track of record in functioning media manufacturers.”
“The Wyndham Places alliance is a gain-get system and is indicative of our interest in collaborating with market leaders to improve the likely of our many other impressive Meredith media manufacturers,” mentioned John Zieser, Meredith Chief Improvement Officer.
The transaction is not expected to improve work at possibly enterprise.
Deutsche Lender Securities Inc. is serving as economical advisor and Kirkland & Ellis LLP is serving as lawful advisor to Wyndham Places on this transaction. Cooley LLP is serving as authorized advisor to Meredith Corporation.
About the New Travel + Leisure Co.
In the initial quarter of 2021, Vacation + Leisure Co. gets to be the world’s major membership and leisure journey organization, with a portfolio of virtually 20 vacation resort, journey club, and lifestyle journey brand names. The organization supplies superb vacation activities and vacation inspiration to tens of millions of homeowners, users, and subscribers each and every yr as a result of its merchandise and solutions: Wyndham Destinations, the largest getaway possession company with 230 vacation club vacation resort locations throughout the globe Panorama, the world’s foremost membership journey company that includes the major holiday vacation trade firm, marketplace-leading journey technologies, and membership journey brands and Vacation + Leisure Team, showcasing best on-line and print travel articles, on the internet reserving platforms and vacation golf equipment, and branded shopper items. At Journey + Leisure Co., our worldwide workforce of associates delivers hospitality to tens of millions, turning holiday inspiration into extraordinary travel ordeals. We place the earth on vacation.
About Wyndham Destinations
Wyndham Locations (NYSE: WYND), the world’s greatest getaway club and trade enterprise, is on a mission to put the earth on holiday vacation. The company presents far more than 4 million customers and owner families the opportunity to have, exchange, or hire their holiday vacation experience even though making the most of high quality, overall flexibility, and good benefit from a reliable manufacturer. The company’s Wyndham Vacation Clubs give 230 resorts that offer a up to date just take on the timeshare model by means of models Club Wyndham®, Worldmark® by Wyndham, and Margaritaville Family vacation Club® by Wyndham. With a world wide existence in 110 nations around the world, the company’s membership vacation business – Panorama – includes today’s main vacation exchange, leisure journey, and engineering brands, together with RCI, the worldwide leader in vacation trade that provides entry to 4,200+ affiliated resorts, and Further Holiday seasons, providing condo holidays at lodge prices. 12 months right after calendar year, our all over the world group of associates delivers outstanding family vacation activities to tens of millions of family members as they make life’s preferred recollections. At Wyndham Locations, our environment is your destination.
About Meredith Corporation
Meredith Corporation (NYSE: MDP), a top media corporation for just about 120 many years, provides services journalism that engages audiences with necessary, inspiring, and trustworthy content. Meredith reaches consumers the place they are throughout a number of platforms, like digital, video clip, print, and broadcast television. Meredith’s Nationwide Media Group reaches just about 95 per cent of all U.S. ladies and much more than 190 million unduplicated American shoppers each individual month via these iconic makes as Folks, Greater Properties & Gardens, Allrecipes, Southern Residing, and True Straightforward. Meredith’s quality electronic community reaches far more than 150 million buyers every thirty day period. The firm is the No. 1 U.S. journal operator with 36 million subscribers and the No. 2 world wide licensor with sturdy brand name licensing actions that involve a Much better Homes & Gardens partnership with Walmart. Meredith’s Neighborhood Media Team portfolio contains 17 television stations achieving 11 per cent of U.S. households and 30 million viewers. Meredith’s portfolio is concentrated in substantial, speedy-rising markets, with 7 stations in the nation’s Prime 25 markets, including Atlanta, Phoenix, St. Louis, and Portland, and 13 stations in the Major 50.
Ahead-Hunting Statements
This press launch has forward-wanting statements inside the which means of applicable securities legal guidelines. Words, and variants of text, this sort of as “will,” “expect,” “intend,” “believe,” “plan,” and very similar expressions are intended to identify these forward-on the lookout statements, which include statements about the expected effects of the transaction and the future prospective customers for, and ideas of, the business. These forward-hunting statements are topic to a selection of pitfalls and uncertainties, numerous of which are past the company’s handle, which could lead to real benefits to vary materially from those indicated in the forward-looking statements. Effects may possibly be materially impacted by factors including (devoid of limitation) unanticipated charges and/or delays, unfavorable response by shoppers, companions, workers, or suppliers, upcoming revenues currently being decrease than expected, failure or lack of ability to put into action advancement or enlargement methods in a well timed way or at all, community and world wide political and economic situations, and other challenges described in the company’s filings with the Securities and Exchange Fee, including the company’s most lately filed Once-a-year Report on Sort 10-K. The reader is cautioned not to depend on these ahead-searching statements. All forward-on the lookout statements are dependent on facts now available to the firm and are capable in their entirety by this cautionary assertion. The enterprise does not suppose any obligation to update any such ahead-on the lookout statements or other statements integrated in this press launch.
