Thursday, Nov. 5, 2009

Scripps to get majority stake in Travel Channel

CINCINNATI (AP) - Scripps Networks says it will acquire a controlling stake in the Travel Channel as part of a joint venture with Cox Communications.

As part of the deal, Scripps Networks Interactive Inc. said Thursday Cox Communications Inc. will contribute the Travel Channel, valued at $975 million, and Scripps will contribute $181 million in cash to a new partnership.

The partnership, in turn, will take on $878 million of debt that will be guaranteed by Scripps, with the proceeds to be distributed to Cox. In the end, the partnership will have about $696 million of net debt.

Scripps, which is also delaying its earnings report until Friday, already owns the Food Network and HGTV lifestyle television networks.

2009-11-05     13:54:21 GMT

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