WorldWide Tech & Science. Francisco De Jesùs.
Google is buying Frommer's brand of travel guides from publisher John Wiley & Sons Inc.
Google Inc., which bought the Zagat restaurant review service in September, plans to use Frommer's guides to hotels and destinations around the world to complement the Zagat listings.
Google is buying Frommer's from publisher John Wiley & Sons Inc. in a deal that includes John Wiley's other travel-related businesses. Financial terms were not disclosed in Monday's announcement.
Frommer's got its start in 1957 with the publication of Arthur Frommer's "Europe on $5 a Day." Frommer's now publishes more than 300 guidebooks and runs the Frommers.com website.
John Wiley is trying to sell off a number of businesses that no longer fit with its long-term focus on professionals and education.
In addition to travel, businesses up for sale include the company's culinary, general interest, nautical, pets, crafts, Webster's New World and CliffsNotes businesses.
John Wiley, which is based in Hoboken, N.J., says it plans to use the proceeds from the sales to support growth opportunities in its other businesses.
The stock of Google, which is based in Mountain View, Calif., rose $12.80, or 2 percent, to $654.80 in afternoon trading Monday. John Wiley's stock fell 17 cents to $47.42.
Press Release:
August 13, 2012
Wiley to Sell Travel Publishing Program
Hoboken, N.J.
On March 7, 2012, John Wiley & Sons, Inc. (NYSE: JWa, JWb), announced that it intends to explore opportunities to sell a number of its consumer print and digital publishing assets in its Professional/Trade business as they no longer align with the company’s long-term business strategy. Those assets include travel (including the well-known Frommer’s brand), culinary, general interest, nautical, pets, crafts, Webster’s New World, and CliffsNotes.
On August 10, 2012, Wiley entered into a definitive agreement to sell all of its travel assets, including all of its interests in the Frommer's brand, to Google. Proceeds from this sale, and others that may arise from the sale of other consumer assets, will be redeployed to support growth opportunities in Professional/Trade; Scientific, Technical, Medical, and Scholarly; and Global Education businesses.
About Wiley
Founded in 1807, John Wiley & Sons, Inc., has been a valued source of information and understanding for more than 200 years, helping people around the world meet their needs and fulfill their aspirations. Wiley and its acquired companies have published the works of more than 450 Nobel laureates in all categories: Literature, Economics, Physiology/Medicine, Physics, Chemistry, and Peace.
Wiley’s core businesses include scientific, technical, medical, and scholarly (STMS) journals, encyclopedias, books, and online products and services; professional/trade books, subscription products, training materials, online applications, and Web sites; and educational materials for undergraduate and graduate students and lifelong learners. Wiley's global headquarters are located in Hoboken, N.J., with operations in the U.S., Europe, Asia, Canada, and Australia. The company's Web site can be accessed at www.wiley.com.
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