By Mondo Times editors
Boulder Colorado USA
Posted on November 5, 2009 at 6:48pm

Scripps Networks Interactive Outbids News Corp. for The Travel Channel

-- Bloomberg.com reported on November 5, 2009:

"Scripps Networks will pay $181 million to get 65 percent of the channel through a joint venture with Cox Communications, Inc., parent owner of the Travel Channel. Cox will keep the remaining stake, the companies said today in a statement. Cox will contribute the channel and their partnership will carry $696 million in net debt.

The channel’s valuation topped the $600 million to $700 million that Hale Holden, a Barclays Capital Inc. credit analyst in New York, estimated Travel Channel Media was worth. Travel Channel Media includes the cable channel and the Web site travelchannel.com.

The valuation is “in the range for what we thought Travel was worth,” Cox Chief Financial Officer Mark Bowser said in an interview. “The two areas where we would see the largest opportunity would be international and would be digital.”

The full story: http://www.bloomberg.com/apps/news?pid=20601103&sid=a6fMtF4XqLtA

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