Thursday, Scripps Networks Interactive Inc. (SNI), owner and operator of the Food Network and HGTV lifestyle television networks, said it has signed a definitive agreement with Cox Communications to acquire Travel Channel that is valued at $975 million.
Cincinnati, Ohio-based Scripps Networks said the transaction with Cox Communications is structured as a leveraged joint venture between the two companies. Scripps Networks will acquire a controlling interest and hold 65% stake in Travel Channel, while Cox Communications will retain a 35% minority stake in Travel Channel. The transaction is expected to be completed by or before January 2010.
Commenting on the deal, Kenneth Lowe, chairman, president and chief executive officer of Scripps Networks said, "Combining the Travel Channel with Food Network and HGTV will make our fast-growing, young company the undisputed global leader in lifestyle programming."
Scripps will contribute $181 million in cash to a newly created partnership to which Cox will contribute the Travel Channel. Scripps Networks which had to report its third quarter results today, delayed it by a day to Friday citing the announcement related to the agreement.
Further, the joint venture which is expected to have a net debt of about $696 million on close of the transaction. The partnership will take a $878 million of third party debt which would be guaranteed by Scripps and indemnified by Cox. The proceeds from the transaction will be distributed to Cox.
Commenting on the partnership with Scripps, Cox Communications President Patrick Esser said, "This solid partnership that we're establishing today allows us to maintain an interest in Travel Channel while at the same time giving the network an opportunity to leverage the resources and expertise of a successful programmer like Scripps Networks Interactive."
On completion of the transaction, Scripps Networks will control the partnership and operate Travel Channel as part of its popular lifestyle media brands portfolio.
Barclays Capital Inc. and Skadden, Arps, Slate Meagher & Flom LLP acted as advisor to Scripps Networks on the deal.
Goldman, Sachs & Co. was exclusive advisor for Cox Communications for the transaction.
Travel Channel, television network, supports a growing range of cross-platform initiatives including Internet, mobile and social media applications. The network which was launched in 1987 has grown to become one of America's best known cable television networks with a reach today of about 95 million U.S. television households.
Broadband communications and entertainment company Cox Communications, the third-largest cable system operator, is a wholly owned subsidiary of Cox Enterprises which is a family-owned holding company.
Scripps Networks is a division of The E. W. Scripps Company (SSP), a diverse media concern. The E.W. Scripps today reported a narrower loss of $3.26 million or $0.06 per share for the third quarter compared with a loss of $16.80 million or $0.31 per share for the third quarter a year-ago. The company's Television segment operating profit plunged 82% to $3.06 million from $16.97 million a year earlier.
Consolidated revenues of The E.W.Scripps was $186.40 million, a 19% decline from $230.25 million for the third quarter last year. Television Segment revenue dropped 22.3% to $59.78 million from $76.92 million last year.
SNI is currently trading at $39.18, up $0.57 or 1.48% on volumes of 0.59 million shares on NYSE. In the past 52 weeks, the stock trended in a broad range of $18.90 - $40.29, with a three-month average volume of 0.81 million shares.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.