Scripps Closes Travel Channel Deal12/15/2009 5:42 PM Eastern
Scripps Networks Interactive said late Tuesday that it has completed the transaction to acquire a 65% interest in the Travel Channel from Cox Communications for about $1 billion.
The deal was first announced in November.
Cox Communications, which first put the network on the block in June, retains a 35% interest in the network.
Travel Channel joins Scripps Networks cable stalwarts such as HGTV, Food Network, The Cooking Channel (formerly Fine Living), DIY and GAC.
"Travel Channel gives us a third major lifestyle franchise that is fully-distributed and nationally recognized, with potential revenue upside through increasing ad sales and affiliate fees as well as international opportunities," SNI chairman and CEO Ken Lowe said in a statement. "We look forward to building on the momentum and strong brand identity that the team at Travel Channel and our partners at Cox Communications have created."
Travel Channel was launched in 1987 and is available in about 95 million homes.
"We're confident in Scripps' leadership and the continued success of Travel Channel Media," Cox Communications president Patrick Esser said in a statement. "The Travel Channel team is incredibly talented and they bring a strong brand that will flourish when leveraged with the resources and expertise of a successful programming group like Scripps. We know that there is tremendous upside to our stake in this new venture."