Affiliate of Fletcher Asset Management, Inc. Purchases Newsweek Budget Travel, Nancy Telliho To Remain President; Harold Shain To Rejoin As Chairman

NEW YORK, Jan. 25 /PRNewswire/ -- Arthur Frommer's Budget Travel President, Nancy Telliho announced today that an affiliate of Fletcher Asset Management, Inc. has officially closed on the purchase of Budget Travel and BudgetTravel.com from Newsweek, Inc. a wholly owned subsidiary of The Washington Post Company (NYSE :WPO). The financial terms of the transaction were not disclosed.

Telliho confirms that while Budget Travel is under new ownership she intends to stay on as President along with the entirety of the senior management team: Bernadette Haley, Publisher; Nina Willdorf, Editor in Chief, Stephen Merrill, Online General Manager and Michele Mausser, Director of Finance.

The Company also announced that Harold Shain, former President of Newsweek, Inc., and former President of Newsweek Budget Travel, Inc., will rejoin Budget Travel as Chairman.  Shain will help oversee the Company and, with Telliho, will guide the Company in identifying and developing new areas of opportunity for Budget Travel.

Moez Kaba, of Fletcher Asset Management, remarks: "With Harold's return and Nancy's continued leadership, the nimble team at Budget Travel should find this otherwise challenging environment an opportune time to form valuable corporate partnerships that expand, in print and online, one of America's most trusted travel resources."

Nancy Telliho, President, says: "We are thrilled to find ourselves under new ownership with a firm that recognizes the strength of the Budget Travel brand in both print and online. With Fletcher's support, and Harold's involvement, we are well positioned for even greater growth than we've experienced in our first 10 years.  Fletcher's confidence in the senior team is gratifying and we look forward to great success together."

The acquisition was closed with the participation of Hayfield Capital, an advisory firm based in New York City. Jacob Hill, a co-founder of Hayfield, also served as the original Publisher of Budget Travel from its launch in 1997 until its acquisition by Newsweek in 1999.

About Fletcher Asset Management, Inc.

For more than 18 years, investments from Fletcher Asset Management, Fletcher International, Limited, and their affiliates have supported dynamic and responsible management teams leading more than 50,000 employees at dozens of promising companies in a variety of industries.

Additional information is available at www.fletcher.com.

About Budget Travel Magazine

Arthur Frommer's Budget Travel Magazine is the ultimate resource for the world's savviest travelers. It provides smart consumers with practical and timely tips and tools, uncovering the best under-the-radar discoveries and showing just how any destination can be made accessible. Reader generated content is featured in editorial departments such as reader tips and true stories, giving readers a forum to share their experiences and interact with each another, creating an inclusive community that serves to bond readers to one another and the magazine. Visit www.budgettravel.com.

SOURCE Budget Travel Magazine