meredith corporation travel & leisure group

Wyndham Destinations Acquires Travel + Leisure Brand from Meredith Corporation in Strategic Alliance; Wyndham Destinations to Be Renamed Travel + Leisure Co.

•   Leading leisure travel company has acquired the iconic, trusted travel brand to accelerate its strategic plan to broaden reach with launch of new travel services, expand its membership travel business, and amplify the global visibility of its leisure travel products
• The new Travel + Leisure Co. will trade on the NYSE under the ticker symbol TNL in mid-February 2021
• Travel + Leisure’s successful multi-platform media assets, renowned for journalistic excellence, will continue to be operated by Meredith Corporation to serve clients and consumers
• This strategic alliance between two industry leaders will continue to grow the Travel + Leisure (T+L) brand globally and create new business opportunities

Media Contacts:

Vanessa Picariello Wyndham Destinations (407) 569-6234 [email protected]

Jill Davison Meredith Corporation (917) 280-0475 [email protected] Investor Relations Contacts:

Christopher Agnew Senior Vice President, FP&A and Investor Relations Wyndham Destinations (407) 626-4050 [email protected]

Mike Lovell Executive Director, Corporate Communications Meredith Corporation (515) 284-3622 (office) (515) 771-1585 (mobile) [email protected]

Release Summary

Wyndham Destinations acquires Travel + Leisure Brand from Meredith Corp in Strategic Alliance; Wyndham Destinations to be Renamed Travel + Leisure Co.

• Club Wyndham South Pacific
• Discovery by Wyndham
• Lifestyle by Wyndham
• Club Wyndham Asia
• Full Circle
• Find us on Social
• COOLING-OFF
• Discounted Hotel Stays Globally
• Get ready, you’re going places
• Target Market Determination
• WE FIND JOY IN THE JOURNEY AND DELIGHT IN THE DESTINATIONS
• Hotel & Resort Management
• Senior Leadership Team
• Media Releases
• Hotel and Resort Management
• Customer Stories
• The Bucket List Map
• Lives at Wyndham Destinations
• South Pacific

WYNDHAM DESTINATIONS ACQUIRES TRAVEL AND LEISURE BRAND FROM MEREDITH CORPORATION IN STRATEGIC ALLIANCE; WYNDHAM DESTINATIONS TO BE RENAMED TRAVEL AND LEISURE CO.

• Leading leisure travel company has acquired the iconic, trusted travel brand to accelerate its strategic plan to broaden reach with launch of new travel services, expand its membership travel business, and amplify the global visibility of its leisure travel products
• The new Travel + Leisure Co. will trade on the NYSE under the ticker symbol TNL in mid-February 2021
• Travel + Leisure’s successful multi-platform media assets, renowned for journalistic excellence, will continue to be operated by Meredith Corporation to serve clients and consumers
• This strategic alliance between two industry leaders will continue to grow the Travel + Leisure (T+L) brand globally and create new business opportunities

(ORLANDO, FL/DES MOINES, IA, January 6, 2021)  –  Wyndham Destinations  (NYSE:WYND) and  Meredith Corporation  (NYSE:MDP) today announced that Wyndham Destinations has acquired the Travel + Leisure brand and all related assets from Meredith Corporation, combining the travel company’s portfolio of resort, membership, and lifestyle travel brands with the world’s most trusted travel lifestyle content curator and its travel clubs. This acquisition will accelerate Wyndham Destinations’ strategic plan to build on its leading position as the world’s largest vacation club and exchange company and expand into new leisure travel and licensing markets.

“We acquired Travel + Leisure, including access to its global audience of 35 million loyal followers across multiple platforms and nearly 60,000 club members, because it matches our passion and purpose to put the world on vacation. Over the past 18 months, we have laid the foundation to expand our footprint beyond our core vacation ownership business, and today we add one of the most trusted and influential brands in travel through the acquisition of Travel + Leisure,” said Michael D. Brown, president and chief executive officer of Wyndham Destinations. “This iconic brand, along with its authoritative content and wide audience, will help accelerate and amplify the growth of new capital-light travel businesses and services, as we take the next step in expanding our reach within the global leisure travel industry.”

In early 2021, Wyndham Destinations will change its name to Travel + Leisure Co. and will expand its portfolio through various branded products and offerings. The new company will inspire travelers with Travel + Leisure’s expert multi-platform content to grow its membership travel club businesses, launch new branded travel services, and expand brand licensing agreements under its Travel + Leisure Group.

The new Travel + Leisure Co. stock will begin trading under the ticker symbol NYSE:TNL in mid-February 2021.

Meredith will continue to operate and monetize Travel + Leisure’s media across multiple channels, including its advertising and marketing activities, under a 30-year royalty-free, renewable licensing relationship. The agreement ensures that the brand’s long-standing commitment to high-quality, independent travel journalism will continue under the leadership of Travel +Leisure Editor-in-Chief Jacqui Gifford and SVP/Group Publisher, Travel + Leisure Giulio Capua.

“As new stewards of the Travel + Leisure brand, we are committed to ensuring that the integrity and independence of its trusted, authoritative journalism remains uncompromised. I’m very pleased that Meredith will continue producing the number one travel content brand and major monthly consumer magazine under the leadership of Editor-in-Chief Jacqui Gifford,” Brown said. “For 50 years, Travel + Leisure has offered travel inspiration to tens of millions across the world through immersive, transportive experiences across many channels. Its dedicated readers rely on the brand as a window into the world’s best destinations, cultures, and experiences, and we look forward to supporting Meredith as it continues that mission.”

Transaction Details

• The $100 million acquisition will be funded with cash on hand of $35 million paid at closing, with trailing payments completed by June 2024. In addition, Wyndham Destinations has agreed to a five-year marketing commitment across Meredith’s portfolio of brands.
• Travel + Leisure Co. will continue to maintain its current portfolio of brands and products, with Wyndham Destinations now serving as the umbrella brand for its vacation club resorts, which will continue to leverage the power of the Wyndham Rewards program, and with Panorama operating the exchange, membership travel, and technology businesses.
• The acquisition is expected to be neutral to earnings for the new Travel + Leisure Co. in year one and accretive in year two. The acquisition includes Travel + Leisure’s travel clubs and their nearly 60,000 members.
• Travel + Leisure Co. will license the brand to Meredith to continue operating and monetizing T+L’s media platforms in a long-term agreement.

“This strategic alliance brings a new, innovative approach to media brand development, and we’re excited to leverage Wyndham Destinations’ and Meredith’s strengths to enhance and realize Travel + Leisure’s full potential,” said Meredith Chairman and Chief Executive Tom Harty. “This is a great demonstration of the value that strong brands deliver when expanded beyond the media space, and we look forward to developing more of these creative, value-enhancing programs across our portfolio.”

Travel + Leisure Editor-in-Chief Jacqui Gifford said, “I’m delighted that Wyndham Destinations has such a deep understanding of and excitement for Travel + Leisure, and in partnership with Meredith profoundly shares our mission to inspire and empower the world’s most curious and passionate travelers. I’ve spent time getting to know Michael Brown. I’m thrilled that he appreciates the legacy and integrity of this brand, and I look forward to working with him. We will continue to produce and deliver independent, award-winning journalism and rich, immersive storytelling, transporting our passionate audience across numerous platforms to compelling destinations around the world. With Wyndham’s backing and support, T+L is poised to accelerate its growth and flourish beyond our content while continuing to benefit from Meredith’s successful track record in operating media brands.”

“The Wyndham Destinations alliance is a win-win strategy and is indicative of our interest in collaborating with industry leaders to optimize the potential of our many other powerful Meredith media brands,” said John Zieser, Meredith Chief Development Officer.

The transaction is not expected to change employment at either company.

Deutsche Bank Securities Inc. is serving as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to Wyndham Destinations on this transaction. Cooley LLP is serving as legal advisor to Meredith Corporation.

• New Resort Manager Appointed to Wyndham Resort Torquay February 19, 2021
• New General Manager Appointed to Ramada Resort by Wyndham Shoal Bay February 19, 2021

Wyndham Destinations acquires Travel + Leisure ahead of rebranding

This acquisition will accelerate Wyndham Destinations’ strategic plan to build on its leading position as the world’s largest vacation club and exchange company and expand into new leisure travel and licensing markets.

“The Wyndham Destinations alliance is a win-win strategy and is indicative of our interest in collaborating with industry leaders to optimize the potential of our many other powerful Meredith media brands”

“We acquired Travel + Leisure, including access to its global audience of 35 million loyal followers across multiple platforms and nearly 60,000 club members, because it matches our passion and purpose to put the world on vacation. Over the past 18 months, we have laid the foundation to expand our footprint beyond our core vacation ownership business, and today we add one of the most trusted and influential brands in travel through the acquisition of Travel + Leisure,” said Michael D. Brown, president and chief executive officer of Wyndham Destinations. “This iconic brand, along with its authoritative content and wide audience, will help accelerate and amplify the growth of new capital-light travel businesses and services, as we take the next step in expanding our reach within the global leisure travel industry.”

In early 2021, Wyndham Destinations will change its name to Travel + Leisure Co. and will expand its portfolio through various branded products and offerings. The new company will inspire travelers with Travel + Leisure’s expert multi-platform content to grow its membership travel club businesses, launch new branded travel services, and expand brand licensing agreements under its Travel + Leisure Group.

The new Travel + Leisure Co. stock will begin trading under the ticker symbol NYSE:TNL in mid-February 2021.

Meredith will continue to operate and monetize Travel + Leisure’s media across multiple channels, including its advertising and marketing activities, under a 30-year royalty-free, renewable licensing relationship. The agreement ensures that the brand’s long-standing commitment to high-quality, independent travel journalism will continue under the leadership of Travel +Leisure Editor-in-Chief Jacqui Gifford and SVP/Group Publisher, Travel + Leisure Giulio Capua.

“As new stewards of the Travel + Leisure brand, we are committed to ensuring that the integrity and independence of its trusted, authoritative journalism remains uncompromised. I’m very pleased that Meredith will continue producing the number one travel content brand and major monthly consumer magazine under the leadership of Editor-in-Chief Jacqui Gifford,” Brown said. “For 50 years, Travel + Leisure has offered travel inspiration to tens of millions across the world through immersive, transportive experiences across many channels. Its dedicated readers rely on the brand as a window into the world’s best destinations, cultures, and experiences, and we look forward to supporting Meredith as it continues that mission.”

Transaction Details

• The $100 million acquisition will be funded with cash on hand of $35 million paid at closing, with trailing payments completed by June 2024. In addition, Wyndham Destinations has agreed to a five-year marketing commitment across Meredith’s portfolio of brands.
• Travel + Leisure Co. will continue to maintain its current portfolio of brands and products, with Wyndham Destinations now serving as the umbrella brand for its vacation club resorts, which will continue to leverage the power of the Wyndham Rewards program, and with Panorama operating the exchange, membership travel, and technology businesses.
• The acquisition is expected to be neutral to earnings for the new Travel + Leisure Co. in year one and accretive in year two. The acquisition includes Travel + Leisure’s travel clubs and their nearly 60,000 members.
• Travel + Leisure Co. will license the brand to Meredith to continue operating and monetizing T+L’s media platforms in a long-term agreement.

“This strategic alliance brings a new, innovative approach to media brand development, and we’re excited to leverage Wyndham Destinations’ and Meredith’s strengths to enhance and realize Travel + Leisure’s full potential,” said Meredith Chairman and Chief Executive Tom Harty. “This is a great demonstration of the value that strong brands deliver when expanded beyond the media space, and we look forward to developing more of these creative, value-enhancing programs across our portfolio.”

Travel + Leisure Editor-in-Chief Jacqui Gifford said, “I’m delighted that Wyndham Destinations has such a deep understanding of and excitement for Travel + Leisure, and in partnership with Meredith profoundly shares our mission to inspire and empower the world’s most curious and passionate travelers. I’ve spent time getting to know Michael Brown. I’m thrilled that he appreciates the legacy and integrity of this brand, and I look forward to working with him. We will continue to produce and deliver independent, award-winning journalism and rich, immersive storytelling, transporting our passionate audience across numerous platforms to compelling destinations around the world. With Wyndham’s backing and support, T+L is poised to accelerate its growth and flourish beyond our content while continuing to benefit from Meredith’s successful track record in operating media brands.”

“The Wyndham Destinations alliance is a win-win strategy and is indicative of our interest in collaborating with industry leaders to optimize the potential of our many other powerful Meredith media brands,” said John Zieser, Meredith Chief Development Officer.

The transaction is not expected to change employment at either company.

Deutsche Bank Securities Inc. is serving as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to Wyndham Destinations on this transaction. Cooley LLP is serving as legal advisor to Meredith Corporation.

About Meredith Corporation

Meredith Corporation  (NYSE: MDP), a leading media company for nearly 120 years, produces service journalism that engages audiences with essential, inspiring, and trusted content. Meredith reaches consumers where they are across multiple platforms, including digital, video, print, and broadcast television. Meredith’s National Media Group reaches nearly 95 percent of all U.S. women and more than 190 million unduplicated American consumers every month through such iconic brands as PEOPLE, Better Homes & Gardens, Allrecipes, Southern Living, and REAL SIMPLE. Meredith’s premium digital network reaches more than 150 million consumers each month. The company is the No. 1 U.S. magazine operator with 36 million subscribers and the No. 2 global licensor with robust brand licensing activities that include a Better Homes & Gardens partnership with Walmart. Meredith’s Local Media Group portfolio includes 17 television stations reaching 11 percent of U.S. households and 30 million viewers. Meredith’s portfolio is concentrated in large, fast-growing markets, with seven stations in the nation’s Top 25 markets, including Atlanta, Phoenix, St. Louis, and Portland, and 13 stations in the Top 50.

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Wyndham Destinations buys Travel + Leisure and becomes Travel + Leisure Co.

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Published on 11/01/21 - Updated on 17/03/22

Wyndham Destinations, a timeshare company, and Meredith Corporation, a U.S. media conglomerate, announced the acquisition by Wyndham Destinations of the Travel + Leisure (TNL) brand and all related assets of Meredith Corporation (MDP) for $100 million.

Wyndham Destinations, headquartered in Orlando, Florida, develops, sells and manages timeshare properties for several vacation clubs, including Club Wyndham and WorldMark by Wyndham. Wyndham manages 230 timeshare resorts, with more than four million members in all of its businesses.

Combining Wyndham Destinations' portfolio of travel brands with content curator and travel magazine Travel + Leisure, the acquisition includes the Travel + Leisure travel clubs and their nearly 60,000 members.

We acquired Travel + Leisure, including access to its global audience of 35 million loyal followers across multiple platforms and nearly 60,000 club members, because it matches our passion and purpose to put the world on vacation. Over the past 18 months, we have laid the foundation to expand our footprint beyond our core vacation ownership business, and today we add one of the most trusted and influential brands in travel through the acquisition of Travel + Leisure.

Michael D. Brown, president and chief executive officer of Wyndham Destinations.

This iconic brand, along with its authoritative content and wide audience, will help accelerate and amplify the growth of new capital-light travel businesses and services, as we take the next step in expanding our reach within the global leisure travel industry.

To ensure NL's journalistic integrity, Meredith will continue to operate and monetize the brand's media assets under a renewable, royalty-free 30-year license agreement.

Travel + Leisure Co. will continue to maintain its current portfolio of brands and products, with Wyndham Destinations now serving as the umbrella brand for its vacation clubs, which will continue to leverage the Wyndham Rewards program.

In early 2021, Wyndham Destinations will change its name to Travel + Leisure Co. and will be listed on the New York Stock Exchange under the symbol "TNL". The shares will begin trading in mid-February 2021.

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Wyndham Destinations Acquires Travel + Leisure Brand From Meredith For $100 Million

Orlando, FL —  Wyndham Destinations acquired the Travel + Leisure brand and all related assets from Meredith Corporation, combining the travel company’s portfolio of resort, membership, and lifestyle travel brands with the world’s most trusted travel lifestyle content curator and its travel clubs. This acquisition will accelerate Wyndham Destinations’ strategic plan to build on its leading position as the world’s largest vacation club and exchange company and expand into new leisure travel and licensing markets.

“We acquired Travel + Leisure, including access to its global audience of 35 million loyal followers across multiple platforms and nearly 60,000 club members, because it matches our passion and purpose to put the world on vacation. Over the past 18 months, we have laid the foundation to expand our footprint beyond our core vacation ownership business, and today we add one of the most trusted and influential brands in travel through the acquisition of Travel + Leisure,” said  Michael D. Brown , president and chief executive officer of Wyndham Destinations. “This iconic brand, along with its authoritative content and wide audience, will help accelerate and amplify the growth of new capital-light travel businesses and services, as we take the next step in expanding our reach within the global leisure travel industry.”

In early 2021, Wyndham Destinations will change its name to Travel + Leisure Co. and will expand its portfolio through various branded products and offerings. The new company will inspire travelers with Travel + Leisure’s expert multi-platform content to grow its membership travel club businesses, launch new branded travel services, and expand brand licensing agreements under its Travel + Leisure Group.

The new Travel + Leisure Co. stock will begin trading under the ticker symbol NYSE:TNL in mid-February 2021.

Meredith will continue to operate and monetize Travel + Leisure’s media across multiple channels, including its advertising and marketing activities, under a 30-year royalty-free, renewable licensing relationship. The agreement ensures that the brand’s long-standing commitment to high-quality, independent travel journalism will continue under the leadership of Travel +Leisure Editor-in-Chief  Jacqui Gifford  and SVP/Group Publisher, Travel + Leisure  Giulio Capua .

“As new stewards of the Travel + Leisure brand, we are committed to ensuring that the integrity and independence of its trusted, authoritative journalism remains uncompromised. I’m very pleased that Meredith will continue producing the number one travel content brand and major monthly consumer magazine under the leadership of Editor-in-Chief Jacqui Gifford,” Brown said. “For 50 years, Travel + Leisure has offered travel inspiration to tens of millions across the world through immersive, transportive experiences across many channels. Its dedicated readers rely on the brand as a window into the world’s best destinations, cultures, and experiences, and we look forward to supporting Meredith as it continues that mission.”

Transaction Details

• The $100 million acquisition will be funded with cash on hand of $35 million paid at closing, with trailing payments completed by June 2024. In addition, Wyndham Destinations has agreed to a five-year marketing commitment across Meredith’s portfolio of brands.
• Travel + Leisure Co. will continue to maintain its current portfolio of brands and products, with Wyndham Destinations now serving as the umbrella brand for its vacation club resorts, which will continue to leverage the power of the Wyndham Rewards program, and with Panorama operating the exchange, membership travel, and technology businesses.
• The acquisition is expected to be neutral to earnings for the new Travel + Leisure Co. in year one and accretive in year two. The acquisition includes Travel + Leisure’s travel clubs and their nearly 60,000 members.
• Travel + Leisure Co. will license the brand to Meredith to continue operating and monetizing T+L’s media platforms in a long-term agreement.

“This strategic alliance brings a new, innovative approach to media brand development, and we’re excited to leverage Wyndham Destinations’ and Meredith’s strengths to enhance and realize Travel + Leisure’s full potential,” said  Meredith Chairman  and Chief Executive  Tom Harty . “This is a great demonstration of the value that strong brands deliver when expanded beyond the media space, and we look forward to developing more of these creative, value-enhancing programs across our portfolio.”

Travel + Leisure Editor-in-Chief  Jacqui Gifford  said, “I’m delighted that Wyndham Destinations has such a deep understanding of and excitement for Travel + Leisure, and in partnership with Meredith profoundly shares our mission to inspire and empower the world’s most curious and passionate travelers. I’ve spent time getting to know  Michael Brown . I’m thrilled that he appreciates the legacy and integrity of this brand, and I look forward to working with him. We will continue to produce and deliver independent, award-winning journalism and rich, immersive storytelling, transporting our passionate audience across numerous platforms to compelling destinations around the world. With Wyndham’s backing and support, T+L is poised to accelerate its growth and flourish beyond our content while continuing to benefit from Meredith’s successful track record in operating media brands.”

“The Wyndham Destinations alliance is a win-win strategy and is indicative of our interest in collaborating with industry leaders to optimize the potential of our many other powerful Meredith media brands,” said  John Zieser , Meredith Chief Development Officer.

The transaction is not expected to change employment at either company.

Deutsche Bank Securities Inc. is serving as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to Wyndham Destinations on this transaction. Cooley LLP is serving as legal advisor to Meredith Corporation.

About the New Travel + Leisure Co.

In the first quarter of 2021, Travel + Leisure Co. becomes the world’s leading membership and leisure travel company, with a portfolio of nearly 20 resort, travel club, and lifestyle travel brands. The company provides outstanding vacation experiences and travel inspiration to millions of owners, members, and subscribers every year through its products and services: Wyndham Destinations, the largest vacation ownership company with 230 vacation club resort locations across the globe; Panorama, the world’s foremost membership travel business that includes the largest vacation exchange company, industry-leading travel technology, and subscription travel brands; and Travel + Leisure Group, featuring top online and print travel content, online booking platforms and travel clubs, and branded consumer products. At Travel + Leisure Co., our global team of associates brings hospitality to millions, turning vacation inspiration into exceptional travel experiences. We put the world on vacation.

About Wyndham Destinations

Wyndham Destinations  (NYSE: WYND), the world’s largest vacation club and exchange company, is on a mission to put the world on vacation. The company offers more than 4 million members and owner families the opportunity to own, exchange, or rent their vacation experience while enjoying quality, flexibility, and great value from a trusted brand. The company’s Wyndham Vacation Clubs offer 230 resorts that provide a contemporary take on the timeshare model through brands  Club Wyndham ®,  Worldmark® by Wyndham , and  Margaritaville Vacation Club® by Wyndham . With a global presence in 110 countries, the company’s membership travel business –  Panorama  – includes today’s leading vacation exchange, leisure travel, and technology brands, including  RCI , the global leader in vacation exchange that provides access to 4,200+ affiliated resorts, and  Extra Holidays , offering condo vacations at hotel prices. Year after year, our worldwide team of associates delivers exceptional vacation experiences to millions of families as they make life’s favorite memories. At Wyndham Destinations, our world is your destination.

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TRAVEL + LEISURE inspires and empowers the world’s most curious and passionate travelers to travel more–and travel better. We help elevate reader's experiences through content and tools that aid in the entire journey, from dreaming to planning to booking to traveling.

The World’s Leading Membership and Leisure Travel Company

Travel + Leisure Co. is the world’s leading membership and leisure travel company, with nearly 20 travel brands across its resort, travel club, and lifestyle portfolio. The company provides outstanding vacation experiences and travel inspiration to millions of owners, members, and subscribers every year through its products and services: Wyndham Destinations, the largest vacation ownership company with more than 245 vacation club resort locations across the globe; Panorama, the world’s foremost membership travel business that includes the largest vacation exchange company and subscription travel brands; and Travel + Leisure Group, featuring top travel content and travel services including the brand’s eponymous travel club. At Travel + Leisure Co., our global team of associates turns vacation inspiration into memorable travel experiences year after year.

Our Mission

We put the world on vacation.

Travel drives our company, our careers, and the lives of our customers. We recognize that vacations deliver some of life’s best memories, and we are here to help customers make the most of this world.

The execution of our strategy is firmly anchored by our culture — the foundation of the shared values, competencies, and spirit of our global team. Aligned with our vision to put the world on vacation, our values are the HEART of our company:

Discover Our World

Get insight into our leadership team, brand portfolio, and charitable efforts.

Creating Our Roadmap to Success

Over time, we have been transforming and acquiring some of the most iconic vacation and travel-related businesses to become the world’s leading membership and leisure travel company. In 2018, we established Wyndham Destinations, Inc. and spun off our hotel business into a separate publicly traded company, Wyndham Hotels & Resorts. While they are two separate entities, we have long-term exclusive license agreements to retain our connection with Wyndham Rewards, one of the top loyalty programs in the hospitality industry. Since then, we have also acquired Alliance Reservations Network and the iconic Travel + Leisure brand.

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Our portfolio of global brands.

With a diverse portfolio of resort, membership, and lifestyle travel brands within the Travel + Leisure Co. family, we bring people together and inspire them to discover the world’s greatest escapes. We put the world on vacation!

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Our veteran leadership team provides knowledge that propels the company’s growth while ensuring that our practices align with our values.

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Wyndham Destinations Acquires Travel + Leisure Brand from Meredith Corporation in Strategic Alliance; Wyndham Destinations to Be Renamed Travel + Leisure Co.

• Leading leisure travel company has acquired the iconic, trusted travel brand to accelerate its strategic plan to broaden reach with launch of new travel services, expand its membership travel business, and amplify the global visibility of its leisure travel products
• The new Travel + Leisure Co. will trade on the NYSE under the ticker symbol TNL in mid-February 2021
• Travel + Leisure’s successful multi-platform media assets, renowned for journalistic excellence, will continue to be operated by Meredith Corporation to serve clients and consumers
• This strategic alliance between two industry leaders will continue to grow the Travel + Leisure (T+L) brand globally and create new business opportunities

(ORLANDO, FL/DES MOINES, IA, January 6, 2021)  â€“  Wyndham Destinations  (NYSE:WYND) and  Meredith Corporation  (NYSE:MDP) today announced that Wyndham Destinations has acquired the Travel + Leisure brand and all related assets from Meredith Corporation, combining the travel company’s portfolio of resort, membership, and lifestyle travel brands with the world’s most trusted travel lifestyle content curator and its travel clubs. This acquisition will accelerate Wyndham Destinations’ strategic plan to build on its leading position as the world’s largest vacation club and exchange company and expand into new leisure travel and licensing markets.

“We acquired Travel + Leisure, including access to its global audience of 35 million loyal followers across multiple platforms and nearly 60,000 club members, because it matches our passion and purpose to put the world on vacation. Over the past 18 months, we have laid the foundation to expand our footprint beyond our core vacation ownership business, and today we add one of the most trusted and influential brands in travel through the acquisition of Travel + Leisure,†said Michael D. Brown, president and chief executive officer of Wyndham Destinations. “This iconic brand, along with its authoritative content and wide audience, will help accelerate and amplify the growth of new capital-light travel businesses and services, as we take the next step in expanding our reach within the global leisure travel industry.â€

In early 2021, Wyndham Destinations will change its name to Travel + Leisure Co. and will expand its portfolio through various branded products and offerings. The new company will inspire travelers with Travel + Leisure’s expert multi-platform content to grow its membership travel club businesses, launch new branded travel services, and expand brand licensing agreements under its Travel + Leisure Group.

The new Travel + Leisure Co. stock will begin trading under the ticker symbol NYSE:TNL in mid-February 2021.

Meredith will continue to operate and monetize Travel + Leisure’s media across multiple channels, including its advertising and marketing activities, under a 30-year royalty-free, renewable licensing relationship. The agreement ensures that the brand’s long-standing commitment to high-quality, independent travel journalism will continue under the leadership of Travel +Leisure Editor-in-Chief Jacqui Gifford and SVP/Group Publisher, Travel + Leisure Giulio Capua.

“As new stewards of the Travel + Leisure brand, we are committed to ensuring that the integrity and independence of its trusted, authoritative journalism remains uncompromised. I’m very pleased that Meredith will continue producing the number one travel content brand and major monthly consumer magazine under the leadership of Editor-in-Chief Jacqui Gifford,†Brown said. “For 50 years, Travel + Leisure has offered travel inspiration to tens of millions across the world through immersive, transportive experiences across many channels. Its dedicated readers rely on the brand as a window into the world’s best destinations, cultures, and experiences, and we look forward to supporting Meredith as it continues that mission.â€

Transaction Details

• The $100 million acquisition will be funded with cash on hand of $35 million paid at closing, with trailing payments completed by June 2024. In addition, Wyndham Destinations has agreed to a five-year marketing commitment across Meredith’s portfolio of brands.
• Travel + Leisure Co. will continue to maintain its current portfolio of brands and products, with Wyndham Destinations now serving as the umbrella brand for its vacation club resorts, which will continue to leverage the power of the Wyndham Rewards program, and with Panorama operating the exchange, membership travel, and technology businesses.
• The acquisition is expected to be neutral to earnings for the new Travel + Leisure Co. in year one and accretive in year two. The acquisition includes Travel + Leisure’s travel clubs and their nearly 60,000 members.
• Travel + Leisure Co. will license the brand to Meredith to continue operating and monetizing T+L’s media platforms in a long-term agreement.

“This strategic alliance brings a new, innovative approach to media brand development, and we’re excited to leverage Wyndham Destinations’ and Meredith’s strengths to enhance and realize Travel + Leisure’s full potential,†said Meredith Chairman and Chief Executive Tom Harty. “This is a great demonstration of the value that strong brands deliver when expanded beyond the media space, and we look forward to developing more of these creative, value-enhancing programs across our portfolio.â€

Travel + Leisure Editor-in-Chief Jacqui Gifford said, “I’m delighted that Wyndham Destinations has such a deep understanding of and excitement for Travel + Leisure, and in partnership with Meredith profoundly shares our mission to inspire and empower the world’s most curious and passionate travelers. I’ve spent time getting to know Michael Brown. I’m thrilled that he appreciates the legacy and integrity of this brand, and I look forward to working with him. We will continue to produce and deliver independent, award-winning journalism and rich, immersive storytelling, transporting our passionate audience across numerous platforms to compelling destinations around the world. With Wyndham’s backing and support, T+L is poised to accelerate its growth and flourish beyond our content while continuing to benefit from Meredith’s successful track record in operating media brands.â€

“The Wyndham Destinations alliance is a win-win strategy and is indicative of our interest in collaborating with industry leaders to optimize the potential of our many other powerful Meredith media brands,†said John Zieser, Meredith Chief Development Officer.

The transaction is not expected to change employment at either company.

Deutsche Bank Securities Inc. is serving as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to Wyndham Destinations on this transaction. Cooley LLP is serving as legal advisor to Meredith Corporation.

About the new Travel + Leisure Co.

In the first quarter of 2021, Travel + Leisure Co. becomes the world’s leading membership and leisure travel company, with a portfolio of nearly 20 resort, travel club, and lifestyle travel brands. The company provides outstanding vacation experiences and travel inspiration to millions of owners, members, and subscribers every year through its products and services: Wyndham Destinations, the largest vacation ownership company with 230 vacation club resort locations across the globe; Panorama, the world’s foremost membership travel business that includes the largest vacation exchange company, industry-leading travel technology, and subscription travel brands; and Travel + Leisure Group, featuring top online and print travel content, online booking platforms and travel clubs, and branded consumer products. At Travel + Leisure Co., our global team of associates brings hospitality to millions, turning vacation inspiration into exceptional travel experiences. We put the world on vacation.

About Wyndham Destinations

Wyndham Destinations  (NYSE: WYND), the world’s largest vacation club and exchange company, is on a mission to put the world on vacation. The company offers more than 4 million members and owner families the opportunity to own, exchange, or rent their vacation experience while enjoying quality, flexibility, and great value from a trusted brand. The company’s Wyndham Vacation Clubs offer 230 resorts that provide a contemporary take on the timeshare model through brands  Club Wyndham ®,   Worldmark® by Wyndham , and  Margaritaville Vacation Club® by Wyndham . With a global presence in 110 countries, the company’s membership travel business –  Panorama  â€“ includes today’s leading vacation exchange, leisure travel, and technology brands, including  RCI , the global leader in vacation exchange that provides access to 4,200+ affiliated resorts, and  Extra Holidays , offering condo vacations at hotel prices. Year after year, our worldwide team of associates delivers exceptional vacation experiences to millions of families as they make life’s favorite memories. At Wyndham Destinations, our world is your destination.

About Meredith Corporation

Meredith Corporation  (NYSE: MDP), a leading media company for nearly 120 years, produces service journalism that engages audiences with essential, inspiring, and trusted content. Meredith reaches consumers where they are across multiple platforms, including digital, video, print, and broadcast television. Meredith’s National Media Group reaches nearly 95 percent of all U.S. women and more than 190 million unduplicated American consumers every month through such iconic brands as PEOPLE, Better Homes & Gardens, Allrecipes, Southern Living, and REAL SIMPLE. Meredith’s premium digital network reaches more than 150 million consumers each month. The company is the No. 1 U.S. magazine operator with 36 million subscribers and the No. 2 global licensor with robust brand licensing activities that include a Better Homes & Gardens partnership with Walmart. Meredith’s Local Media Group portfolio includes 17 television stations reaching 11 percent of U.S. households and 30 million viewers. Meredith’s portfolio is concentrated in large, fast-growing markets, with seven stations in the nation’s Top 25 markets, including Atlanta, Phoenix, St. Louis, and Portland, and 13 stations in the Top 50.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable securities laws. Words, and variations of words, such as “will,†“expect,†“intend,†“believe,†“plan,†and similar expressions are intended to identify these forward-looking statements, including statements about the expected results of the transaction and the future prospects for, and plans of, the company. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the company’s control, which could cause actual results to differ materially from those indicated in the forward-looking statements. Results may be materially affected by factors including (without limitation) unanticipated costs and/or delays, unfavorable reaction by customers, partners, employees, or suppliers, future revenues being lower than expected, failure or inability to implement growth or expansion strategies in a timely manner or at all, local and global political and economic conditions, and other risks described in the company’s filings with the Securities and Exchange Commission, including the company’s most recently filed Annual Report on Form 10-K. The reader is cautioned not to rely on these forward-looking statements. All forward-looking statements are based on information currently available to the company and are qualified in their entirety by this cautionary statement. The company does not assume any obligation to update any such forward-looking statements or other statements included in this press release.

Media Contacts:          

Vanessa Picariello Wyndham Destinations (407) 569-6234                                                          [email protected]

Jill Davison Meredith Corporation (917) 280-0475 [email protected]

Investor Relations Contacts:

Christopher Agnew Senior Vice President, FP&A and Investor Relations  Wyndham Destinations (407) 626-4050 [email protected]

Mike Lovell Executive Director, Corporate Communications Meredith Corporation (515) 284-3622 (office) (515) 771-1585 (mobile) [email protected]

Stavropol Krai

• 2 Other destinations
• 3 Understand
• 6 Get around
• 11 Stay safe

<a href=\"https://tools.wmflabs.org/wikivoyage/w/poi2gpx.php?print=gpx&amp;lang=en&amp;name=Stavropol_Krai\" title=\"Download GPX file for this article\" data-parsoid=\"{}\"><img alt=\"Download GPX file for this article\" resource=\"./File:GPX_Document_rev3-20x20.png\" src=\"//upload.wikimedia.org/wikipedia/commons/f/f7/GPX_Document_rev3-20x20.png\" decoding=\"async\" data-file-width=\"20\" data-file-height=\"20\" data-file-type=\"bitmap\" height=\"20\" width=\"20\" class=\"mw-file-element\" data-parsoid='{\"a\":{\"resource\":\"./File:GPX_Document_rev3-20x20.png\",\"height\":\"20\",\"width\":\"20\"},\"sa\":{\"resource\":\"File:GPX Document rev3-20x20.png\"}}'/></a></span>"}'/> Stavropol Krai is a region in Southern Russia , which borders Krasnodar Krai to the west, Rostov Oblast to the north, Kalmykia to the east, and all the republics of the North Caucasus to the south.

• 45.05 41.983333 1 Stavropol — this capital city is located in a particularly mountainous area of the region and was one of Russia's most important bases during the Russian conquest of the Caucasus ; former home to Mikhail Gorbachev and it has a particularly nice urban park
• 44.200833 43.1125 5 Mineralnye Vody — a health spa city named for its "Mineral Waters" at the edge of the; a common flight destination for visitors to the North Caucasus

Other destinations

Stavropol Krai contains a large number of Caucasian health spas/sanatoria, which Russians have visited for over 200 years to treat various ailments (and just to escape the northern climate of Moscow and Saint Petersburg . As such, the region has been home to many of Russia's most prominent figures, including writers such as A.S. Pushkin and Mikhail Lermontov, whose works have embedded the Pyatigorsk region into the national consciousness. A great read for anyone visiting the region is Lermontov's short novel, A Hero of Our Time , which is set in various areas in the south of the Krai.

Stavropol Krai is also notable for its exceptionally diverse climactic and topographic diversity. The environments range from sand deserts, to mud flats, to steppe, to forest, to mountains, to permafrost!

Russian is the soup of the day.

By rail, most visitors will arrive at the regional transit hub of Stavropol .

Domestic flights to Stavropol ( STW   IATA )and to Mineralnye Vody ( MRV   IATA ) (which is closer to Mount Elbrus, the North Caucasus , and the health spas) are common around Russia.

• Mountain Beshtau Uranium Mines (RU) . 238 kilometers of mines inside Mount Beshtau 7 km from Pyatigorsk city. Closed in ~ 1971, but explored by diggers today. The site guides offers adventure descend into the mines with ropes and equipment. ( updated Mar 2019 )
• Mountain climbing
• Quail hunting
• Sulphur baths

Because of its proximity to the conflict in Chechnya , the security situation is very poor in Stavropol Krai. While kidnappings are unlikely, there have been fairly regular bombings of public areas and official facilities in the southern cities and in Stavropol over the years. While a visitor is fairly unlikely to be victim to such terroristic attacks, the resulting crackdown has led to strict and unfortunately corrupt policing of the area — a visitor is quite likely to be harassed for bribes.

Stavropol Krai is the nearest “island of freedom” (in every sense) for residents of neighboring Chechnya and Ingushetia, who often visit this region for entertainment purposes (alcohol, nightclubs), therefore, it is not uncommon to run into them in entertainment establishments and at night on the streets. They are often armed with knives and pistols. To prevent conflicts, it is better to refrain from reacting to possible provocations on their part and simply walk away from them.

• Stavropol State University — located in Stavropol, owned in 1996
• North Caucasus Gumanitarium Technological University — main located in Stavropol, but have own filials in Pyatigorsk, Kislovodsk and Ingushetia
• North Caucasus Gumanitarium Technological Institute;
• Stavropol State Medical Academy
• Stavropol State Agrarium University — one of the best agrarium university in Russia;
• Pyatigorsk State Linguistic University — one of the best linguistic university in Russia.Located in Pyatigorsk;
• Pyatigorsk State Technological University — located in Pyatigorsk
• Kislovodsk State Technological University — located in Kislovodsk

In Stavropol krai there are three GSM operators (MTS, Beeline, Megafon), one 3G-UMTS operator (Beeline) and one CDMA operator on 800 MHz frequency (RusSDO) and they often have offers that give you a SIM card for free or at least very cheap. If you are planning to stay a while and to keep in touch with Stavropolean and other North-Caucasus, South-Russians people, then you should consider buying a local SIM card instead of going on roaming. If you buy a SIM card from a shop you'll need your passport for identification. It only takes five minutes to do the paperwork and it will cost less than $10.

Stavropol Krai is a common jumping off point for tourists venturing into the North Caucasus . Basically any city in the region can be reached via minibus or taxi from Mineralnye Vody.

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Stavropol Krai Travel Guide: All You Need To Know

Stavropol Krai, often simply referred to as Stavropol, is a federal subject (krai) of Russia located in the North Caucasus region. It is known for its diverse landscapes, agriculture, and cultural heritage. Here is some information about Stavropol Krai:

Places to Visit in Stavropol Krai: Pyatigorsk: This famous spa town in the region is known for its natural mineral springs and lush parks. The Proval Lake and Flower Garden Park are popular attractions.

Kislovodsk: Another renowned spa town, Kislovodsk boasts beautiful architecture, promenades, and the Kurortny Park.

Stavropol: The capital city of the krai offers historical sites, such as the Ascension Church and Stavropol Drama Theater.

Mineralnye Vody: This city is a gateway to the region’s spas and the nearby Caucasus Mountains.

Essentuki: Known for its therapeutic mineral water, the city features picturesque parks, including the Essentuki Park.

Budyonnovsk: A town with a rich Cossack history and cultural heritage. Explore Cossack traditions and history in the Cossack Museum.

Best Time to Visit Stavropol Krai: Summer (June to August): Summer is an excellent time to visit Stavropol Krai. The weather is warm, and outdoor activities are in full swing.

Spring and Autumn: Spring (April to May) and early autumn (September to October) offer milder temperatures and are suitable for sightseeing and exploring the natural beauty of the region.

Things to Do in Stavropol Krai: Visit Mineral Springs: Enjoy the healing properties of the mineral springs in the spa towns of Pyatigorsk, Kislovodsk, and Essentuki.

Hiking and Nature Exploration: Explore the region’s natural beauty by hiking in the Caucasus Mountains, visiting parks, and taking in scenic landscapes.

Cultural Experiences: Learn about the diverse cultures of the region, which include Cossack traditions and historical sites.

Try Local Cuisine: Savor traditional dishes like shashlik (kebabs), pelmeni (dumplings), and local dairy products.

How to Get Around Stavropol Krai: Public Transportation: Public buses and minibuses (marshrutkas) serve many cities and towns in the krai.

Trains: The region has a railway network that connects cities like Stavropol, Kislovodsk, and Mineralnye Vody.

Taxis: Taxis are available in urban areas and are a convenient way to get around. Ensure you agree on the fare before starting your journey.

Car Rental: Renting a car can be a good option for exploring the region independently, especially if you plan to visit more remote areas.

Where to Eat in Stavropol Krai: Local Restaurants: Explore local eateries and restaurants to enjoy traditional Russian and Caucasian cuisine.

Cafes and Tea Houses: Visit cafes that offer Russian tea, pastries, and local dishes.

Street Food: Look for food vendors selling local snacks and quick bites in markets and town centers.

Where to Stay in Stavropol Krai: Accommodation options in Stavropol Krai include hotels, guesthouses, and hostels, with choices for various budgets. Popular places to stay include the spa towns and larger cities like Pyatigorsk and Kislovodsk.

Travel Tips for Stavropol Krai: Language: Russian is the primary language spoken in Stavropol Krai. While English may not be widely spoken, knowing some basic Russian phrases can be helpful.

Currency: The currency used is the Russian Ruble (RUB). Credit cards may not be accepted everywhere, so it’s advisable to carry cash, especially in more rural areas.

Safety: Stavropol Krai is generally safe for tourists, but be mindful of your belongings and practice common-sense safety precautions.

Climate: The region has a continental climate with cold winters and warm summers. Be prepared for seasonal weather conditions.

Respect Local Traditions: Be respectful of local customs and traditions, especially in regions with Cossack heritage and culture.

Transportation: Familiarize yourself with the local transportation options and consider using taxis or ridesharing apps for convenience.

Stavropol Krai offers a mix of natural beauty, cultural experiences, and historical heritage. By following these travel tips, you can have an enriching and memorable visit to this diverse region in the North Caucasus.

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