Lonely Planet's value down $78 million since BBC purchase
Skift Take
LP is one of the strongest travel brands anywhere, but that doesn't make it immune to incompetence in the executive suite. It needs to stop chasing silly mobile ideas (Wenzani? Really?) and focus on the strength of its content.
BBC Worldwide has written down the value of Lonely Planet by almost £50m since acquiring the guidebook publisher in 2007, as the business struggles to cope with high costs and the transition to digital and TV.
BBC Worldwide sparked widespread criticism that it was over-reaching its remit when it acquired a 75% stake in Lonely Planet in 2007 for £88.1m, not least from Time Out founder Tony Elliott.
The BBC's total investment upped to £130.2m when Tony and Maureen Wheeler, who founded Australia-based Lonely Planet in 1973, exercised an option to sell
