CINCINNATI – Scripps Networks Interactive Inc. (NYSE: SNI) and Cox Communications Inc. have completed a transaction to form a joint venture for the ownership and management of Travel Channel Media.
“Travel Channel gives us a third major lifestyle franchise that is fully-distributed and nationally recognized, with potential revenue upside through increasing ad sales and affiliate fees as well as international opportunities”
Scripps Networks Interactive, owner and operator of the Food Network and HGTV lifestyle television networks, now holds a majority and controlling 65 percent interest in the Travel Channel, and Cox Communications retains a 35 percent stake in the network.
“Travel Channel gives us a third major lifestyle franchise that is fully-distributed and nationally recognized, with potential revenue upside through increasing ad sales and affiliate fees as well as international opportunities,” said Kenneth W. Lowe, chairman, president and chief executive officer of Scripps Networks Interactive. “We look forward to building on the momentum and strong brand identity that the team at Travel Channel and our partners at Cox Communications have created.”
Launched in 1987, Travel Channel has grown to become one of America’s best known cable television networks, today reaching about 95 million U.S. television households. The television network, the cornerstone of Travel Channel Media, supports a growing range of cross-platform initiatives including Internet, mobile and social media applications. Cox became sole owner of Travel Channel in 2007.
“We’re confident in Scripps’ leadership and the continued success of Travel Channel Media,” said Cox Communications President Patrick Esser. “The Travel Channel team is incredibly talented and they bring a strong brand that will flourish when leveraged with the resources and expertise of a successful programming group like Scripps. We know that there is tremendous upside to our stake in this new venture.”
About Scripps Networks Interactive
Scripps Networks Interactive is one of the leading developers of lifestyle-oriented content for television and the Internet, where on-air programming is complemented with online video, social media areas and e-commerce components on companion Web sites and broadband vertical channels. The company’s media portfolio includes: Lifestyle Media, with popular lifestyle television and Internet brands HGTV, Food Network, DIY Network, Fine Living Network (FLN) and country music network Great American Country; and Interactive Services, with leading online search and comparison shopping services BizRate and Shopzilla.
About Cox Communications
Cox Communications is a broadband communications and entertainment company, providing advanced digital video, Internet, telephone and wireless services over its own nationwide IP network. The third-largest U.S. cable TV company, Cox serves 6.2 million residences and businesses. Cox Business is a facilities-based provider of voice, video and data solutions for commercial customers and Cox Media is a full-service provider of national and local cable spot and new media advertising. Cox is known for pioneering efforts in cable telephone and commercial services, industry-leading customer care and its outstanding workplaces. For six years, Cox has been recognized as the top operator for women by Women in Cable Telecommunication; for four years, Cox has ranked among DiversityInc’s Top 50 Companies for Diversity; and the company holds a perfect score in the Human Rights Campaign’s Corporate Equality Index. More information about Cox Communications, a wholly owned subsidiary of Cox Enterprises, is available at www.cox.com and www.coxmedia.com.