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Today Lonely Planet announced that it is taking a strategic stake in Teton Gravity Research, an action sports-focused media company based in Jackson Hole, Wyoming. The terms of the deal were not disclosed.
Teton Gravity was founded in 1996 and has produced more than three dozen films about winter sports, cycling, surfing, and other outdoor sports. Teton Gravity partners with athletes in the field for film and event tours, as well as produces branded content and web and television series. Two of the founders, Steve Jones and Todd Jones will continue to serve as co-CEOs of the company and will retain their stake in the company.
“There are so many incredible synergies between the two brands,” Daniel Houghton, Lonely Planet CEO, tells Skift. “Adventure Travel is on the rise and the quality of their content is absolutely incredible. We see video as a powerful medium to inspire travel. It is becoming an increasingly important and essential part of the media ecosystem.”
Since NC2 Media purchased Lonely Planet from BBC Worldwide in March 2013 for AUS$75 million, the publisher has made a handful of acquisitions.
In September 2013 it purchased the television production company Passport to Adventure, and two months later it bought travel app TouristEye for an undisclosed amount. Last February Lonely Planet acquired Budget Travel magazine from bankruptcy, reportedly for $2.4 million. At the time, CEO Daniel Houghton said the acquisition was part of a “continued strategy to improve the assets and resources that Lonely Planet brings to our consumers.”
Prior to its accession of Lonely Planet, NC2 Media ran OutWildTV, which produces an online series of films about journeys and the outdoors.