Wyndham Destinations, a timeshare company, and Meredith Corporation, a U.S. media conglomerate, announced the acquisition by Wyndham Destinations of the Travel + Leisure (TNL) brand and all related assets of Meredith Corporation (MDP) for $100 million.
Wyndham Destinations, headquartered in Orlando, Florida, develops, sells and manages timeshare properties for several vacation clubs, including Club Wyndham and WorldMark by Wyndham. Wyndham manages 230 timeshare resorts, with more than four million members in all of its businesses.
Combining Wyndham Destinations' portfolio of travel brands with content curator and travel magazine Travel + Leisure, the acquisition includes the Travel + Leisure travel clubs and their nearly 60,000 members.
We acquired Travel + Leisure, including access to its global audience of 35 million loyal followers across multiple platforms and nearly 60,000 club members, because it matches our passion and purpose to put the world on vacation. Over the past 18 months, we have laid the foundation to expand our footprint beyond our core vacation ownership business, and today we add one of the most trusted and influential brands in travel through the acquisition of Travel + Leisure.
Michael D. Brown, president and chief executive officer of Wyndham Destinations.
This iconic brand, along with its authoritative content and wide audience, will help accelerate and amplify the growth of new capital-light travel businesses and services, as we take the next step in expanding our reach within the global leisure travel industry.
To ensure NL's journalistic integrity, Meredith will continue to operate and monetize the brand's media assets under a renewable, royalty-free 30-year license agreement.
Travel + Leisure Co. will continue to maintain its current portfolio of brands and products, with Wyndham Destinations now serving as the umbrella brand for its vacation clubs, which will continue to leverage the Wyndham Rewards program.
In early 2021, Wyndham Destinations will change its name to Travel + Leisure Co. and will be listed on the New York Stock Exchange under the symbol "TNL". The shares will begin trading in mid-February 2021.