Scripps Networks Interactive (SNI) has closed its transaction to form a joint venture with Cox Communications giving SNI a 65% stake in Travel Channel Media. The deal valuing the Travel Channel and associated website at $975 million was announced in early November.
“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. 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,” said Ken Lowe, CEO of SNI, whose othere holdings include the Food Network and HGTV lifestyle television networks.
“We’re confident in Scripps’ leadership and the continued success of Travel Channel Media. 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,” said Cox Communications President Patrick Esser.
Launched in 1987 by Trans World Airlines, Travel Channel today reachs about 95 million US television households.
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