Fin24

Google buys Frommer's travel guides

2012-08-13 19:02

San Francisco - US publishing house John Wiley & Sons said Monday it is selling all its travel assets - including the well-known Frommer's brand - to Internet titan Google.

The New Jersey-based company did not specify the financial terms of the deal, which it said was inked on Friday.

"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," Wiley said in an email response to an AFP inquiry.

"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."

Wiley announced in March that it planned to sell consumer print and digital assets -- including travel, cooking, pets, crafts, Webster's and CliffsNotes -- as part of a "long-term business strategy."