Travel Channel
Done Deal: Scripps to Acquire Travel Channel
Thu, 11/05/2009 - 15:44 — Dylan StablefordNutgraf:
Joint venture with Cox Communications gives Scripps 65% stake.
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Scripps Networks announced on Thursday that it has entered an agreement with Cox Communications to acquire a controlling interest in the Travel Channel.
Cincinnati-based Scripps, which owns the Food Network and HGTV, will get a 65 stake, with Cox retaining 35 percent. Cox had been searching for a buyer for the Travel Channel since June.
News Corp. was said to be an aggressive suitor for the Travel Channel, but Scripps ultimately outbid Rupert Murdoch's media conglomerate.
The financials are as follows: Cox will contribute the Travel Channel, valued at $975 million, and Scripps will ante up $181 million in cash. The partnership will take on $878 million in guaranteed debt, the companies said. Overall, it includes $696 million in net debt.
The deal is expected to be completed by January.
“Combining the Travel Channel with Food Network and HGTV will make our fast-growing, young company the undisputed global leader in lifestyle programming,” Scripps chairman Ken Lowe said in a statement announcing the acquisition. “Our vision for Travel follows the same script that’s made Food Network and HGTV two of the most powerful brands in all of television.”
The Travel Channel reaches about 95 million U.S. television households, the company said.
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News Corp. May Drop Travel Channel Bid
Tue, 11/03/2009 - 00:11 — Lisa HorowitzNutgraf:
Price of $1.1 billion thought to be too high
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News Corp. may drop its bid for the Travel Channel because parent company Cox Enterprises wants $1.1 billion for the cable channel, a price the media conglomerate thinks is too expensive, a source with knowledge of the bids said on Monday.
News Corp. and Scripps Networks Interactive as of last week were considered to be the lead bidders for the Travel Channel.
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Travel Channel Could Command $1 Billion in Sale
Fri, 10/30/2009 - 05:54 — Josh DickeyNutgraf:
News Corp. reportedly is leading bidder for the Cox Communications property.
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Cox Communications is expected to command close to $1 billion for the Travel Channel, the New York Times reported Friday.
The company is entertaining bids from a number of media companies, including News Corp. and Scripps Networks, three people with knowledge of the auction told the Times. At least one of the offers exceeds $900 million, they said.
“Anthony Bourdain: No Reservations” and “Man v. Food” are the most popular shows on the Travel Channel, which is distributed in nearly 100 million homes and draws a modest average of 485,000 viewers in primetime.
Read more at The New York Times.
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Report: Travel Channel Attracts Private-Equity Bids
Wed, 09/16/2009 - 20:24 — Amy KaufmanAggregated Content:
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http://news.yahoo.com/s/nm/20090916/media_nm/us_travelchannel
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Three private equity firms have submitted bids for Cox Enterprises' Travel Channel.
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News Corp., Scripps, NBC Said to Bid for Cox’s Travel Channel
Fri, 08/21/2009 - 22:57 — Amy KaufmanAggregated Content:
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http://www.bloomberg.com/apps/news?pid=newsarchive&sid=adCE_.UTzJ0o
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Channel reaches over 90M homes, averaged 474,000 viewers during primetime this year.
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