Culture Trip, which was founded in London in 2011, has agreed to be bought by US News & World Report, a digital media company, for an undisclosed sum of several million pounds, Sky News understands.
A tour operator dubbed the “Lonely Planet of the 21st Century” is moving into US ownership after striking a deal with a US-based publisher.
Sky News understands that US News & World Report, a digital media company, has concluded a multi-million pound deal to acquire Culture Trip.
The agreement, which is expected to be announced publicly on Tuesday, comes about seven months after Culture Trip began reviewing its strategic options.
The deal will strengthen US News' travel franchise, which includes ratings and tips to help international travelers, the sources said.
Culture Trip is working with Lazarus Consulting, an M&A advisory shop, on its options Since last summer.
Its app has been downloaded over 3 million times and boasts millions of monthly users.
Anna Jakimovska, CEO of Culture Trip Travel UK, said: “Culture Trip’s mission is to connect people through expert-reviewed destinations globally, and is one of the most ‘insider’ resources for travelers deciding where they want to get the best of.” an experience”.
“In addition, the ability to experience travel recommendations via our insider-led small group trips makes Culture Trip a one-stop travel platform.
“We are pleased with the expertise and resources US News is providing to help us accomplish this mission.”
Culture Trip has raised more than £130m from investors since its launch 13 years ago, but like the entire travel sector has seen its business severely impacted by the coronavirus pandemic.
It has raised money on several occasions, including an $80 million Series B round in April 2018.
Founded in 2011, the company has grown rapidly, capitalizing on millennials' enthusiasm for “authentic” travel experiences abroad.
The company describes itself as “purpose-driven” and runs small tour groups to remote destinations around the world.
The company originally focused on generating revenue from advertising, but facing competition from tech giants Meta Platforms and Google, it shifted to selling hotel reservations.
This in turn brought Culture Trip into competition with the likes of Expedia and Booking.com, so it chose to shift its focus to selling curated trips focused on the millennial demographic.
“As we continue to find ways to help people make informed decisions, Culture Trip is a natural extension of our US News Travel business,” said Eric Gertler, CEO and CEO of US News.
“Consumers want information they can trust and resources they can rely on when planning a trip.
“This acquisition now empowers millions of travelers by giving them the tools they need to find the best value and experience.”
