Thursday, November 5
Scripps Networks Interactive, parent company of Food Network, HGTV, and more, will take a 65% stake in the Cox Communications' Travel Channel by January as part of a venture between the two companies, reports the Wall Street Journal and Reuters.
Scripps will now control the joint venture and run it along with its other cable properties.
I'm thinking a little Rachael Ray executive producer action might be coming to Bourdain's No Reservations? Yes???
"Under the deal announced on Thursday, Scripps will own 65 percent of the Travel Channel and Cox Communications will hold on to the other 35 percent. The deal is expected to be completed by January. In creating a joint venture, Cox will contributing the Travel Channel, which the two sides valued at $975 million, and Scripps will put in $181 million in cash. The partnership will take on $878 million in third-party debt."
Hmm... first Scripps announces it's changing Fine Living to "The Cooking Network" and now it's taking on the Travel Channel. They will soon have two other networks devoted to cooking and travel... so what's left for Food Network?! More Paula Deen comedy half-hours? A love advice show with the Neelys? Only time will tell.
What do you think about Scripps' acquisition of Travel Channel?