George S. May Business Blog

Scripps Network will buy Travel Channel

Scripps Networks has agreed to buy the Travel Channel from Cox Communications in a deal worth $975 million.

It will be a joint venture between Scripps and Cox where Scripps will take 65% and Cox the remaining 35%. Scripps will kick in $181 million in cash, and pay for the rest with debt. The venture will have $696 million in net debt.

The deal is expected to close in January.

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