Washington Post Company Selling Budget Travel

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In a sale to be announced later today, the Washington Post Company will sell Budget Travel to an affiliate of Fletcher Asset Management, an investment-management company. Budget Travel, launched by travel legend Arthur Frommer, was rumored to be shutting down last month, after a year in which the title and its group, the Newsweek group, had suffered a significant drop in revenue. The deal will close by the end of the year, and though the financial terms of the deal will not be disclosed, the current management team will remain in place and the staff of the magazine and of budgettravel.com will be kept "essentially" in place. "We have been proud to publish Budget Travel, a magazine and website that has won many awards and is well respected in the industry," Tom Ascheim, CEO of Newsweek, said in a statement. "We are delighted that under the ownership of Fletcher, Budget Travel’s legacy will carry on and its staff will continue to do their great work."