or


[11/05/09 - 05:16 AM]
Scripps Networks Interactive to Acquire Controlling Interest in Travel Channel
The transaction is expected to be completed by or before January 2010.

[via press release from Scripps]

Scripps Networks Interactive to Acquire Controlling Interest in Travel Channel

Scripps Will Control 65 Percent of Leveraged Joint Venture with Cox Communications

CINCINNATI -- Scripps Networks Interactive Inc. (NYSE: SNI), owner and operator of the Food Network and HGTV lifestyle television networks, will enter into a joint venture with Cox Communications Inc. by which it will acquire a controlling interest in the Travel Channel.

The two companies today signed a definitive agreement that, upon completion, will result in Scripps Networks Interactive owning 65 percent of the Travel Channel and Cox Communications retaining a 35 percent minority stake in the network.

The Travel Channel transaction is expected to be completed by or before January 2010.

"Combining the Travel Channel with Food Network and HGTV will make our fast-growing, young company the undisputed global leader in lifestyle programming," said Kenneth W. Lowe, chairman, president and chief executive officer of Scripps Networks Interactive. "This collection of popular lifestyle networks will be in great demand worldwide and promises to create substantial long-term value for all of our stakeholders."

Launched in 1987, Travel Channel has grown to become one of America's best known cable television networks and today reaches 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.

"Adding the Travel Channel, and its related enterprises, provides us with a unique opportunity to meaningfully expand our portfolio into a lifestyle category that's highly desirable to media consumers, advertisers and programming distributors," Lowe said. "Our vision for Travel follows the same script that's made Food Network and HGTV two of the most powerful brands in all of television. By lending our unparalleled expertise in developing successful lifestyle media businesses, we have every confidence that we can build on Travel's strong brand identity and leverage the successes achieved to date by the top-notch team at Travel Channel and our new partners at Cox Communications."

As proposed, the transaction is structured as a leveraged joint venture between Scripps Networks Interactive and Cox Communications.

Cox will contribute the Travel Channel, valued at $975 million, and Scripps Networks Interactive will contribute $181 million in cash to a newly created partnership. The partnership, in turn, will take on $878 million in third-party debt that will be guaranteed by Scripps and indemnified by Cox, with the proceeds to be distributed to Cox.

The transaction will result in the partnership having about $696 million in net debt.

"This solid partnership that we're establishing today allows us to maintain an interest in Travel Channel while at the same time giving the network an opportunity to leverage the resources and expertise of a successful programmer like Scripps Networks Interactive," said Cox Communications President Patrick Esser. "Scripps has an outstanding reputation as a company, an employer and a programmer. Over the past 15 years, Scripps Networks Interactive has built a portfolio of leading lifestyle programming brands, and we think this complementary expertise will be a boon to Travel Channel's future growth."

Scripps Networks Interactive will control the joint venture and the network will be run as part of the company's growing portfolio of popular lifestyle media brands.

"The incredibly complementary nature of our lifestyle media businesses presents an abundance of opportunity to provide services for Travel Channel that will result in increased advertising and affiliate revenues and substantial cost synergies," Lowe said. "We have extensive experience working with partners to build value over the long term. Among cable companies, Cox has an outstanding reputation for its vision and investment for the long-term success of its businesses. We look forward to partnering with them in this venture."

Scripps Networks Interactive was advised on the transaction by Barclays Capital Inc. and Skadden, Arps, Slate Meagher & Flom LLP.

Conference call

The senior management team of Scripps Networks Interactive will discuss the proposed Travel Channel transaction as well as the company's third quarter operating results during a telephone conference call tomorrow, Friday Nov. 6, at 10 a.m. Scripps Networks Interactive will offer a live webcast of the conference call. To access the webcast, visit www.scrippsnetworksinteractive.com and follow the Investor Relations link at the top of the page. The webcast link can be found next to the microphone icon.

To access the conference call by telephone, dial 800-288-8976 (U.S.) or 612-332-0342 (international) approximately ten minutes before the start of the call. Callers will need the name of the call, "Scripps Networks Interactive," to be granted access. Callers also will be asked to provide their name and company affiliation. The media and general public are granted access to the conference call on a listen-only basis.

A replay line will be open from 12 Noon ET Nov. 6 until 11:59 p.m. ET Nov. 13. The domestic number to access the replay is 800-475-6701 and the international number is 320-365-3844. The access code for both numbers is 122842. A replay of the conference call will also be available online. To access the audio replay, visit www.scrippsnetworksinteractive.com approximately four hours after the call, choose Investor Relations, then follow the Audio Archives link on the left side of the page.

Forward-looking statements

This press release contains certain forward-looking statements related to the company's businesses that are based on management's current expectations. Forward-looking statements are subject to certain risks, trends and uncertainties, including changes in advertising demand and other economic conditions that could cause actual results to differ materially from the expectations expressed in forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. The company's written policy on forward-looking statements can be found on page F-3 of its 2008 Form 10-K filed with the Securities and Exchange Commission.

The company undertakes no obligation to publicly update any forward-looking statements to reflect events or circumstances after the date the statement is made.

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.





  [november 2009]  
S
M
T
W
T
F
S


· SHOWATCH
(series past and present)
· DEVWATCH
(series in development)
· MOVIEWATCH
(tv movies and mini-series)





[12/02/25 - 12:01 PM]
Netflix Top 10: Week of November 24 - "Stranger Things" Escapes the Upside Down to Take No. 1 in This Week's Top 10
The series returned last week with Volume 1 of its fifth and final season, touting the biggest premiere week ever for an English language show in the history of Netflix, amassing 59.6 million views and securing No. 1 on the English TV list.

[12/02/25 - 11:02 AM]
"Dick Clark's New Year's Rockin' Eve with Ryan Seacrest 2026" Announces Explosive Performance Lineup
Superstar performers include 50 Cent, Charlie Puth, Chappell Roan, Demi Lovato, Maren Morris, Mariah Carey, OneRepublic, Pitbull, Post Malone, and more!

[12/02/25 - 10:19 AM]
Hallmark Channel Renews Long-Running Hit Series "When Calls the Heart" for Season 14
Additionally, original cast member Lori Loughlin is set to reprise her role of Abigail Stanton and will appear in six of the 12 episodes.

[12/02/25 - 10:03 AM]
TNT Sports & Shaquille O'Neal's New "Dunkman" Limited Series Takes Flight Thursday, Dec. 4, Showcasing 40 of the Top Dunkers from Around the World
The six-episode competition will star O'Neal as commissioner and judge alongside a rotating panel of former dunk contest champions Vince Carter, Dwight Howard, Nate Robinson and Mac McClung, and Naismith Hall of Famer Chris Webber.

[12/02/25 - 10:01 AM]
Netflix Is Developing Erotic Series "Hancock Park" with Rege-Jean Page
The Emmy nominee will star as a different kind of royalty: a member of Los Angeles high society whose family is struggling to hold onto their status.

[12/02/25 - 09:08 AM]
Stream Formula E Races Live on The Roku Channel
Join The Roku Channel for the excitement of the 2025-2026 season, kicking off this Saturday, December 6, in São Paulo, Brazil.

[12/02/25 - 09:06 AM]
"RuPaul's Drag Race" Ruveals the New Queens of Season 18, Premiering Friday, January 2 at 8:00 PM ET/PT on MTV
In the premiere episode, the new cast of queens will show their charisma, uniqueness, nerve, and talent in the first challenge of the season: "Reclaim! Renew! Rejoice!"

[12/02/25 - 09:01 AM]
The Sixth Season of the Emmy Award-Winning "My Next Guest Needs No Introduction with David Letterman" Premieres December 16
The sixth season features conversations with actor, director, and producer Michael B. Jordan, creator sensation and entrepreneur MrBeast (Jimmy Donaldson), and Emmy and Screen Actors Guild award-winning actor, producer and director Jason Bateman.

[12/02/25 - 09:00 AM]
CBS and the Recording Academy Present "A Grammy Celebration of Latin Music," A Star-Studded Special Airing Sunday, Dec. 28 on CBS and Paramount+
"NCIS" star, producer and entrepreneur Wilmer Valderrama and singer-songwriter, actress and producer Roselyn Sánchez will co-host the evening, highlighting Latin music's lasting impact and widespread influence in the United States.

[12/02/25 - 08:16 AM]
TLC's Hit Series "1000-lb Sisters" Returns on January 6 with a Brand-New Season
Sisters Amy and Tammy are stepping into transformative chapters of their lives, and nothing is off-limits.

[12/02/25 - 08:01 AM]
"Stranger Things: The Finale" Fan Screening Locations Confirmed For December 31 & January 1: Get Your Seat Now!
Fans can visit www.st5finale.com for the full list of locations and for information on how to RSVP.

[12/02/25 - 08:00 AM]
FOX Entertainment Global Secures Strong International Sales for Studio Ramsay Global Hits "Next Level Chef" and "Gordon Ramsay's Secret Service"
"Next Level Chef," produced and created by Studio Ramsay Global, has now sold in 138 territories, including ITV (UK), Bell Media (Canada), Disney/Hulu (U.S.), Foxtel (Australia), among others.

[12/02/25 - 07:31 AM]
Nicholas Hoult and Daisy Edgar-Jones Tangle in "Mosquito" for Disney+, A Wry Relationship Comedy from Writer Tony McNamara
The British powerhouse leads play Kate and Ed, a recently married couple whose secrets begin to reveal as daily life chips away at the personas they present... all started by an intrusive mosquito.

[12/02/25 - 07:23 AM]
The Ink Factory Sets Le Carre Series "Legacy of Spies" for BBC and MGM+
The cast is anchored by Matthew Macfadyen as George Smiley, Charlie Hunnam as Alec Leamas, Daniel Brühl as Jens Fielder and Devrim Lingnau Islamoglu as Doris Quinz.

[12/02/25 - 07:17 AM]
Video: "Ripple" - Official Trailer (New Series)
Watch all episodes of "Ripple" on December 3 on Netflix.