The BBC Trust condemned the original purchase of Lonely Planet by Worldwide, saying it would "not make this sort of acquisition again." "Although this did not prove to be a good commercial investment, Worldwide is a very successful business; and at the time of purchase there was a credible rationale for this deal," Diane Coyle, the Trust's vice chairman and chair of the Strategy and Approvals Committee, said. She said the Trust’s strategy for Worldwide was now to focus on BBC programme content. "Given the significant financial loss to Worldwide, however, we have asked the BBC Executive to commission a review of lessons learnt and report to the Trust with its findings." The sale of the group, to Nashville-based NC2, was expected to be announced to staff at the company's Melbourne headquarters yesterday.

According to Forbes, the buyer, Brad Kelley, made his fortune from discounted cigarette brands like USA Gold, Bull Durham and Malibu which he sold for $US1 billion in 2001 to Houchens Industries. He is currently worth $US1.9 billion. He is also one of the top five landowners in the US with 1.7 million acres in Texas, Florida and New Mexico. It ends another era for the global backpacking brand, which was founded in the '70s by Melbourne couple Maureen and Tony Wheeler. "Lonely Planet's financial performance has been impacted in recent years by the continued strength of the Australian dollar, the rapid consolidation of the publishing industry and a global recession which affected leisure travel, " a joint statement read. After hearing rumours of the sale earlier this month, staff at the company's Melbourne headquarters on the Maribyrnong River in Footscray were worried that their jobs would be moved to the US.

But NC2's executive director, Daniel Houghton, said there was "no reason to believe at this point in time that (Lonely Planet) would exit Australia". "Australia is the birthplace and the heart and soul of Lonely Planet. ... LP will continue to be committed to its roots in publishing and providing quality travel information for its customers," he said. BBC Worldwide said it had been "exploring strategic options for Lonely Planet over the past year and was keen to find a new owner that could bring greater focus and capital to the business". "NC2 Media demonstrated a commitment to invest in Lonely Planet and today's announcement concludes the process to find the right buyer." Tony and Maureen Wheeler started Lonely Planet more than 40 years ago after selling 1500 copies of their first book, Across Asia on the Cheap, inspired by a trip they took for their honeymoon.

A BBC Worldwide spokesman said the deal was in the best interests of the 400 Lonely Planet staff as well as fans of the brand. "They share a genuine passion for travel and we’ve worked hard to find a buyer who shares this passion and will have a strong commitment to the future success of the business," he said. BBC Worldwide said the sale of the business would take place at the end of the month, and Lonely Planet would continue to function as a global operation. It added that NC2 Media's primary shareholder is Brad Kelley, a US businessman and Forbes 400 member. According to its website, NC2 is "primarily engaged in the creation, acquisition, and distribution of quality digital content and the development of the technologies to make that possible."