Scripps to get majority stake in Travel Channel

CINCINNATI (AP) - Scripps Networks Interactive Inc. said Thursday it will take a 65 percent stake in Cox Communications Inc.'s cable-television network Travel Channel, which reaches about 95 million U.S. households.

Under the joint venture agreement, Scripps Networks will contribute $181 million in cash. Cox, in turn, will contribute the Travel Channel, valued at $975 million. Scripps already owns the Food Network and HGTV, among other properties.

The partnership said it will take on $878 million of debt that will be guaranteed by Scripps, with the proceeds to be distributed to Cox.

In the end, the partnership will have about $696 million of net debt, Scripps said.

The companies expect to close the Travel Channel deal by January.

Scripps also said it is delaying its third-quarter earnings report, by one day until Friday.