Tech and Web NEWS
Scripps Networks Interactive Snaps Up Travel In Deal with Cox Communications, News Corp loses
By Bettina Padurano for CEOWORLD Magazine Updated:November 5, 2009
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Scripps Networks Interactive Inc. (NYSE:SNI) plans to buy a controlling stake in the Travel Channel under a deal with Cox Communications Inc (COX.N).
Under the deal announced on Thursday, Scripps will own 65 percent of the Travel Channel and Cox Communications will hold on to the other 35 percent. The deal is expected to be completed by January.
News Corp. (NASDAQ:NWSA) was said to be an aggressive suitor for the Travel Channel, but Scripps ultimately outbid Rupert Murdoch’s media conglomerate.
The financials are as follows: Cox will contribute the Travel Channel, valued at $975 million, and Scripps will ante up $181 million in cash. The partnership will take on $878 million in guaranteed debt, the companies said. Overall, it includes $696 million in net debt.
Launched in 1987, Travel Channel has grown to become one of America’s best known cable television networks, today reaching about 95 million U.S. television households. The television network, the cornerstone of Travel Channel Media, supports a growing range of cross-platform initiatives including Internet, mobile and social media applications. Cox became sole owner of Travel Channel in 2007.
Since then, distribution grew from 87 million to 95 million homes; international and domestic syndication grew 1300 percent; Travel Channel HD launched, successful new shows such as “Man v. Food” and “Ghost Adventures Live” delivered coveted 1.0 ratings; and the network won multiple Emmy Awards for the quality of their programming.
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