BBC's commercial arm will retain minority stake in publisher if deal with US billionaire Brad Kelley goes ahead, says report
Lonely Planet: BBC Worldwide bought the
guidebook publisher for £130m in two stages in 2007 and 2011
BBC Worldwide is reportedly in
talks to sell a controlling stake in travel guidebooks publisher Lonely Planet
to the US billionaire Brad Kelley.
The corporation's
commercial arm will retain a minority stake in the publisher if the deal goes
ahead, according
to US media site Skift.com.
BBC Worldwide – which
controversially bought Lonely Planet for £130m in two stages in 2007 and 2011 –
has been exploring strategic options for the publisher, including seeking an
outside investor, it
emerged in December.
A spokesman for BBC Worldwide said: "We have been exploring strategic options for Lonely Planet for some time now but no deal has been done and we are not going to comment on speculation about its future."
Skift.com suggested that the deal could be announced next week, meaning the home to hundreds of revered travel titles could soon find itself on the move for only the second time in its four-decade history.
Described as a "deeply private" businessman, Kelley is reportedly worth $1.9bn and made his fortune selling discount cigarettes brands. He is rarely photographed in public and shies away from media interviews.
Kelley now invests in
cattle ranches, energy technology and construction materials and is one
of the biggest landowners in America.
In a
rare interview with the Wall Street Journal last year, Kelley explained that
there was no specific pattern to his more recent investments. "There's never
been a grand plan. Life takes you a lot of places. Every day you adjust your
compass," he said.
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