Scripps Networks Interactive and Cox Communications Close Transaction for Joint Ownership of Travel Channel Media

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.

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."