BBC Trust orders review of £51.5m Lonely Planet sale
The BBC Trust has announced that it will be reviewing the deal which saw the Lonely Planet brand being sold to NC2 Media for £51.5m: a £80m loss.
Diane Coyle, chairman of BBC Trust, said of the BBC Worldwide deal: “Although this did not prove to be a good commercial investment, Worldwide is a very successful business; and at the time of purchase there was a credible rationale for this deal.
“Given the significant financial loss to Worldwide, however, we have asked the BBC Executive to commission a review of lessons learnt and report to the Trust with its findings.”
The deal to sell the brand came less than two years after BBC Worldwide bought Lonely Planet.