Sale of Budget Travel Completed

Investment firm Fletcher Asset Management has closed on the purchase of Arthur Frommer’s Budget Travel magazine and BudgetTravel.com.

Fletcher bought Budget Travel from Newsweek Inc., a wholly owned subsidiary of the Washington Post Co., for an undisclosed amount.

Budget Travel President Nancy Telliho said she will remain along with the entire management team, including Bernadette Haley, publisher; Nina Willdorf, editor in chief; Stephen Merrill, online general manager; and Michele Mausser, director of finance.

Harold Shain, former president of Newsweek Inc. and former president of Newsweek Budget Travel, will become Budget Travel’s chairman.