Scripps Officially Takes Full Ownership of Travel Channel

KNOXVILLE: Scripps Networks Interactive has acquired the remaining 35 percent interest in Travel Channel Media from Cox Communications for $99 million in cash, which includes the value of certain tax benefits.

The move gives Scripps Networks Interactive full ownership of the fully-distributed network, in which it originally acquired a controlling interest in 2009. The agreement announced today effectively values Travel Channel at $1.1 billion, including debt and tax benefits.

Separately, Scripps Networks sold its 7.25 percent ownership interest in Fox-BRV Southern Sports Holdings, comprising the Sports South and Fox Sports Net South regional television networks, to Fox Southern Holdings for $225 million in cash.

Kenneth W. Lowe, the president, chairman and CEO of Scripps Networks Interactive, said: “Travel Channel is a key asset that presents a great growth opportunity for Scripps Networks Interactive, and one that delivers an increasingly significant contribution to our business. Full ownership of Travel Channel enables us to take maximum advantage of its continued growth as we build value for our shareholders.”