Travel Channel Sale Price Nears $1 Billion

NEW YORK: The offers to acquire Travel Channel from Cox Communications have topped $900 million, according to U.S. press reports, with News Corporation and Scripps Networks said to be the frontrunners.

The deals on the table reportedly include the formation of a joint venture that would allow Cox to retain a minority stake in the channel, which it acquired from Discovery in 2007. The joint venture would likely include the cable networks operated by the winning bidder. The complex arrangement being discussed would enable Cox to avoid a hefty tax bill inherited from the 2007 acquisition, when it swapped its interest in Discovery Communications in exchange for Travel Channel and other assets.