Staff report
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Kentucky native and billionaire Brad Kelley, who made his fortune in the 1990s selling discount cigarette brands and later became one of the largest land owners in the United States, is in the process of buying travel publisher Lonely Planet from British Broadcasting Co., reports Skift.com, a travel news website.
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Lonely Planet's first travel guide was 'Across Asia on the Cheap.' It has sold more than 100 million books since its start in 1973. (Photo from Skift.com)
The deal is in the final stages of negotiations, according to Skift. ?Barring any big red flags that come up the last second, it [the deal] should be announced next week.?
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Skift, citing its sources, further says that Kelley will buy a majority controlling stake in Lonely Planet while BBC Worldwide, the commercial arm of BBC, will retain a ?small but sizable stake to help maintain editorial control through current management.? In a statement published by Skift, BBC Worldwide said it has been exploring options for Lonely Planet but that no deal has been done.
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Lonely Planet, founded in 1973, is known for its travel guidebooks. BBC Worlwide, the commercial arm of BBC, bought a 75 percent stake in Lonely Planet in 2007.
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The reclusive Kelley, who grew up in Franklin, started Commonwealth Brands, a small cigarette manufacturer in Bowling Green in 1991. He later sold the company to Houchens Industries.
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In May last year, Kelley leased Calumet Farm from a new trust, the Calumet Invesment Group, which bought the historic Lexington farm for saround $40 million. He also owns about 400 acres across Versailles Road from Calumet and along Parkers Mill Road.
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To read the entire story from Skift.com, click here.
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