Scripps buys rest of Travel for $99m

Scripps Networks Interactive (SNI) in the US has acquired the remaining 35% of Travel Channel from Cox Communications for US$99m.

Kenneth W Lowe

The deal gives SNI full ownership of the US network in which it originally acquired a controlling interest in 2009, with that deal valuing the business at US$975m.

SNI, which operates numerous lifestyle networks including HGTV, Food Network and DIY Network, said the most recent agreement values Travel Channel at US$1.1bn, including debt and tax benefits.

“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,” said Kenneth W Lowe, president, chairman and CEO of SNI.

“Full ownership of Travel Channel enables us to take maximum advantage of its continued growth as we build value for our shareholders.”

In 2012 Scripps paid US$102m to acquire the international version of Travel Channel, which was previously independently owned and operated separately from the US version.

Meanwhile SNI has sold a 7.25% stake in Fox-BRV Southern Sports Holdings, which includes the Sports South and Fox Sports Net South regional TV networks. Fox Southern Holdings, part of 21st Century Fox, bought the stake for US$225m.