Travel could fetch $1bn
November 2, 2009
Cox Communications is expected to command close to a billion dollars for the Travel Channel. The company is entertaining bids from a number of media companies, including the News Corporation and Scripps Networks and, reportedly, at least one of the offers exceeds $900 million.
When Cox was first approached about a potential sale in June, analysts said the channel could command $600 million to $700 million. The cable company retained Goldman Sachs to weigh its strategic options for the channel.
News Corporation already owns the National Geographic Channel and plans to convert its low-rated Fox Reality Channel into a spinoff wildlife destination called National Geographic Wild.