Affiliate of Fletcher Asset Management, Inc. Purchases Newsweek Budget Travel

15 January 2010

Nancy Telliho to Remain President; Harold Shain to Rejoin as Chairman

NEW YORK, NY – Arthur Frommer's Budget Travel President, Nancy Telliho announced today that an affiliate of Fletcher Asset Management, Inc has officially closed on the purchase of Budget Travel and from Newsweek, Inc. a wholly owned subsidiary of The Washington Post Company (NYSE:WPO.) The financial terms of the transaction were not disclosed.

Telliho confirms that while Budget Travel is under new ownership she intends to stay on as President along with the entirety of the senior management team: Bernadette Haley, Publisher; Nina Willdorf, Editor in Chief, Stephen Merrill, Online General Manager and Michele Mausser, Director of Finance.

The Company also announced that Harold Shain, former President of Newsweek, Inc., and former President of Newsweek Budget Travel, Inc., will rejoin Budget Travel as Chairman. Shain will help oversee the Company and, with Telliho, will guide the Company in identifying and developing new areas of opportunity for Budget Travel.

Moez Kaba, of Fletcher Asset Management, remarks:

“With Harold’s return and Nancy’s continued leadership, the nimble team at Budget Travel should find this otherwise challenging environment an opportune time to form valuable corporate partnerships that expand, in print and online, one of America’s most trusted travel resources.”

Nancy Telliho, President, Budget Travel, says:
"We are thrilled to find ourselves under new ownership with a firm that recognizes the strength of the Budget Travel brand in both print and online. With Fletcher's support, and Harold's involvement, we are well positioned for even greater growth than we've experienced in our first 10 years. Fletcher's confidence in the senior team is gratifying and we look forward to great success together.”

The acquisition was closed with the participation of Hayfield Capital, an advisory firm based in New York City. Jacob Hill, a co-founder of Hayfield, also served as the original Publisher of Budget Travel from its launch in 1997 until its acquisition by Newsweek in 1999.