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Thursday, November 05, 2009
Scripps Buying Stake In Travel Channel
FOXBusiness
Scripps Networks Interactive (SNI) will purchase a controlling stake in the Travel Channel, owned by Cox Communications (COX).
Scripps has agreed to pay $181 million for a 65% share of the Travel Channel. Cox will retain the remaining stake of the company, and both Scripps and Cox will take on the channel’s $878 million in debt.
The deal comes after Cox’s June announcement that it had received offers for the Travel Channel, which has been valued between $600 and $700 million.
Scripps announced that its quarterly earnings report would be postponed by one day due to the announcement. In a joint press release, the companies said that the deal will close by the end of January 2010.
The company will report its third-quarter earnings tomorrow.
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