NEW YORK -- Newsweek Inc. has acquired Arthur Frommer's Budget
Travel magazine through its wholly owned subsidiary, Newsweek
Budget Travel Inc. Additional terms of the acquisition were not
released.
Arthur Frommer's Budget Travel was launched in 1998 and is
published by Group XXVII Communications L.L.C.
"We're delighted to join with Arthur Frommer," said Richard M.
Smith, editor-in-chief and chairman of Newsweek.
"The magazine is off to a wonderful start and we are confident
that it can continue on its path to becoming an enduring industry
leader and an excellent business."
Under the agreement, Budget Travel will remain independent,
maintaining its own editorial staff, support personnel and
infrastructure.
In addition, Frommer will remain the editor-in-chief and will
oversee the magazine's content. Jacob Hill, publisher and a
co-founder of the magazine, will continue in his role.
Launched as a quarterly, Budget Travel is now published
bimonthly with a circulation of 350,000.