| The CNN News Group announced Monday that it
will take a $20 million equity stake in the Internet travel service
Leisureplanet.
Under the terms of the agreement, Leisureplanet becomes the exclusive provider of
travel services on CNN's network of Web sites.
Massive promotion of Leisureplanet on CNN will begin early
next year with a campaign worth $30 million over three years.
Clive Kabatznik, CEO of Leisureplanet Holdings said that the
strategic partnership with CNN was a key step toward
Leisureplanet's goal of establishing itself as the leading
international web-based travel services provider.
"With the ability to reach more than one billion people worldwide
and with more than 556 million monthly page impressions on its
Web sites, CNN's global portfolio of online and offline properties
is unmatched by any other media organization in the world," said
Kabatznik. "By partnering with this powerful platform, Leisureplanet is positioned
to become one of the three largest global online travel service
providers in the world and thereby build long-term value for its
investors."
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In late July, global travel site Leisureplanet, which got $20 million each from CNN and Bernard Arnault's investment fund Europ@Web, entered into
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Other aspects of the deal include Leisureplanet's provision of multilingual
e-mail and telephone customer care to CNN travel bookers. Leisureplanet
will also sponsor a new half-hour travel show each week named CNN Hot
Spots, to air on CNN International from March.
Part of the advertising campaign will run on CNN's sites, although
much of the budget will be devoted to on-air advertising on the
CNN News Group's cable television networks.
"No other news organization can give Leisureplanet the same international
reach and level of positive brand identification," commented David Levy,
president of Turner Broadcasting Sales International.
CNN's news sites include CNN.com,
financial news on CNNfn.com, and
the sports channel CNNSI.com.Site integration will also take place on CNNenEspanol.com, CNNemPortugues.com and
CNNTraveller.com.
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