Google Buying Frommer's Travel Guides
MOUNTAIN VIEW (CBS / AP) -- Google is buying the Frommer's brand of travel guides.
Google Inc., which bought the Zagat restaurant review service in September, plans to use Frommer's guides to hotels and destinations around the world to complement the Zagat listings.
Google is buying Frommer's from publisher John Wiley & Sons Inc. in a deal that includes John Wiley's other travel-related businesses. Financial terms were not disclosed in Monday's announcement.
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Frommer's got its start in 1957 with the publication of Arthur Frommer's "Europe on $5 a Day." Frommer's now publishes more than 300 guidebooks and runs the Frommers.com website.
John Wiley is trying to sell off a number of businesses that no longer fit with its long-term focus on professionals and education. In addition to travel, businesses up for sale include the company's culinary, general interest, nautical, pets, crafts, Webster's New World and CliffsNotes businesses.
John Wiley, which is based in Hoboken, N.J., says it plans to use the proceeds from the sales to support growth opportunities in its other businesses.
The stock of Google, which is based in Mountain View, rose $12.80, or 2 percent, to $654.80 in afternoon trading Monday. John Wiley's stock fell 17 cents to $47.42.
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