Scripps Networks, the owner of the Food Network and HGTV, snapped up a majority stake in the Travel Channel. Cox Communications will keep a 35% stake. The agreement between Scripps and Cox concluded a long series of bids by Scripps, the News Corporation and a number of private equity groups.
"Combining the Travel Channel with Food Network and HGTV will make our fast-growing, young company the undisputed global leader in lifestyle programming," Kenneth W. Lowe, the chairman of Scripps Networks, said in a statement.
The joint venture values the relatively low-rated Travel Channel at $975 million â€” a price many investment bankers and analysts say they believe is rich for the current market.