Scripps Networks Interactive Inc. (SNI: Quote) Thursday said it reached an agreement to acquire UK-based Travel Channel International Limited, or TCI, for 65 million pounds.
The company produces and commissions original travel programming for distribution in 91 countries. It distributes the Travel Channel brand in 20 languages across Europe, Africa, Middle East and Asia Pacific regions.
The deal is expected to be completed in the second quarter. Scripps Networks plans to integrate Travel Channel International into its portfolio of popular lifestyle networks.
Formed in 2004, TCI has affiliate agreements with about 850 distributors. The company's 46 full-time employees in London will join Scripps Networks Interactive when the deal is completed.
Richard Wolfe, chief executive of TCI, said, "Combining TCI's reach and resources in our territories with those of SNI's U.S. Travel Channel creates a new worldwide brand with powerful synergies in programming and advertising."
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by RTT Staff Writer
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