Liquor Mogul Sidney Frank Acquires Second Travel Magazine: Business Traveler
NEW YORK, May 19 /PRNewswire/ -- Shortly after his $2.3 billion sale of Grey Goose Vodka, and less than three months after his acquisition of Travel Savvy Magazine. Liquor baron Sidney Frank announced the second publication purchase by his newly formed Frank Media division: Business Traveler Magazine.
"My goal is to fill a niche that truly fascinates me, travel publications that celebrate the very best. I know that leisure travelers want a roadmap of the best destinations to visit, and restaurants to taste - but business travelers seek a somewhat different dynamic. They're focused on comprehensive and timely information that will make their busy lives more efficient and productive."
Business Traveler was owned for the past 7 years by UK institutional investor Euromoney LLC (Founded in 1988 by Perry Publications) and has a circulation of 65,000. The two magazines will coordinate the efforts of their two sales forces, though they will be entirely independent from each other editorially. Business Traveler will continue to focus on the type of practical travel advice it has become well known for, and will add capsulated information on management, marketing, and other information that business people thrive on. Travel Savvy Publisher Adam Rodriguez, with cofounder Jake Porter, sold Travel Savvy Magazine to Sidney Frank for nearly 4 Million dollars in February 2005. Rodriguez was named Group Publisher, and will oversee both Travel publications. Porter was named CFO. "There really are two distinct segments of the high-end travel industry, leisure and business. We intend to deliver both sets of readers exactly what they need," said Rodriguez.
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