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Thursday, November 05, 2009
Scripps Networks Takes 65% Stake In Travel Channel
By MarketWatch
MarketWatch Pulse
NEW YORK -- Scripps Networks Interactive Inc. said Thursday that it will enter a joint venture with Cox Communications Inc. and it will acquire a 65% interest in the Travel Channel. Scripps owns the Food Network and HGTV television networks. The transaction is expected to be completed by or before January 2010. Scripps said that Cox will contribute the Travel Channel, valued at $975 million, and Scripps Networks Interactive will contribute $181 million in cash to a newly created partnership. The partnership, in turn, will take on $878 million in third-party debt, resulting in net debt of about $696 million for the partnership. Scripps Networks also said that it has delayed reporting its quarterly results until Friday.
Copyright © 2009 MarketWatch, Inc.
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