BBC's commercial arm, BBC Worldwide has decided to sell Lonely Planet, the travel guide business show, to Nashville based media group, NC2. The travel guide television show was sold for GBP51.5 Million or Aus$75.32 Million by BBC after experiencing several years of business slow down. The decision to sell was pursued by plans to concentrate on other BBC products.
Lonely Planet was founded by Melbourne couple, Tony and Maureen Wheeler back in 1973 and has circulated around 120 million books in 11 different languages. It employs 400 people and holds office in Melbourne, Australia. For several years now, business has not been good for Lonely Planet and this was confirmed with a statement saying, "Lonely Planet's financial performance has been impacted in recent years by the continued strength of the Australian dollar, the rapid consolidation of the publishing industry and a global recession which affected leisure travel."
Nashville based media company, NC2 Media, is mainly engaged in the development, acquisition and distribution of digital content including the creation of the technologies to make these services possible.
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