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)





[02/14/25 - 01:01 PM]
Max Renews "The Pitt," Starring Noah Wyle, for a Second Season
New episodes of the 15-episode first season debut on Thursdays at 9:00 p.m. ET leading up to the season finale on April 10.

[02/14/25 - 01:01 PM]
"XO, Kitty" Renewed for a Third Season at Netflix
Season 2 premiered on January 16, 2025 and debuted at #2 on the English TV List with 14.2 million views.

[02/14/25 - 11:01 AM]
HBO Original Six-Part Documentary Series "Eyes on the Prize III: We Who Believe in Freedom Cannot Rest 1977-2015" Debuts February 25
Inspired by Henry Hampton's legendary documentary series "Eyes on the Prize: America's Civil Rights Movement," this new installment of the groundbreaking 1987 series illuminates the bold stories of people and communities who continue to work for equity and racial justice in the years since the birth of the American civil rights movement.

[02/14/25 - 10:06 AM]
"Farmer Wants a Wife" - Are You DTF? Meet the 32 Women Ready to Saddle Up and Take on the Farm Life, Premiering Thursday, 3/20 at 9/8c on FOX
This season, four new farmers - Matt Warren, Jay Woods, John Sansone and Colton Hendricks - bring the heat as all-new daters look to leave behind city life for the charm of the country as they embark on an adventure that could change the course of their lives forever.

[02/14/25 - 10:01 AM]
HBO Announces Returning Main Cast and New Cast Starring in Season Three of the Emmy-Winning Drama Series "Euphoria," As Well As New and Returning Key Crew Members
Returning series regulars include Emmy winner Zendaya, Hunter Schafer, SAG Awards winner Eric Dane, BAFTA Film Award nominee Jacob Elordi, Emmy nominee Sydney Sweeney, Alexa Demie, and Maude Apatow.

[02/14/25 - 10:01 AM]
Love Is in the Air! New Reality Dating Series "Bravo's Love Hotel" Coming Soon
The new reality dating series brings together some of "The Real Housewives" franchise fan favorites, including Shannon Storms Beador, Gizelle Bryant, Ashley Darby and Luann de Lesseps for the ultimate luxurious getaway in the hopes of finding true love.

[02/14/25 - 08:01 AM]
The Latest Season of "Yellowstone" Heads Exclusively to Peacock - Season 5: Part 2 Arrives March 16
The Dutton family fights to defend their ranch and way of life from an Indian reservation and land developers.

[02/14/25 - 08:01 AM]
Video: "Bridgerton" Season 4 - Sneak Peek - Netflix
To celebrate the Season of Love, Netflix takes you behind the scenes of filming "Bridgerton" Season 4 with Luke Thompson (Benedict Bridgerton) and Yerin Ha (Sophie Baek).

[02/14/25 - 07:01 AM]
Peacock Exclusively Streams Focus Features' Gothic Tale "Nosferatu" Beginning February 21
From acclaimed director Robert Eggers, the film stars Bill Skarsgård, Nicholas Hoult, Lily-Rose Depp, Aaron Taylor-Johnson, Emma Corrin, Willem Dafoe and more.

[02/14/25 - 12:01 AM]
Video: "My Family" - Official Trailer - Netflix
A terminally ill father prepares his chaotic family to care for his two young kids and face life without him - but they must put old quarrels to rest.

[02/13/25 - 03:23 PM]
BYUtv Premieres Powerful, Fantastical New Zealand-Set Family Series "Secrets at Red Rocks"
The series follows the journey of Jake, an eccentric boy struggling to find belonging whose life is profoundly impacted by his discovery of mythical selkies who shapeshift from seal to human form.

[02/13/25 - 01:42 PM]
ESPN NBA Schedule Update: Memphis Grizzlies Visit Cleveland Cavaliers on February 23
This matchup replaces the previously scheduled Miami Heat vs. Milwaukee Bucks game.

[02/13/25 - 01:15 PM]
Showtime Original Series "Dexter: Resurrection" Adds Ntare Guma Mbaho Mwine, Kadia Saraf, Dominic Fumusa and Emilia Suarez
Production kicked off in January 2025 in New York and the series is set to launch in summer of 2025 on Paramount+ with Showtime.

[02/13/25 - 01:00 PM]
Video: "O'Dessa" - Official Trailer - Hulu
Set in a post-apocalyptic future, "O'Dessa" is an original rock opera about a farm girl on an epic quest to recover a cherished family heirloom.

[02/13/25 - 12:01 PM]
Legendary Lineup Grows as "Saturday Night Live" Announces More Musical Guests and Comedians for "SNL50: The Homecoming Concert" Streaming Live on Peacock from Radio City Music Hall on February 14 at 8ET/5PT
The event celebrating 50 years of legendary "SNL" musical and comedy performances will also feature special appearances by Ana Gasteyer, Andy Samberg, Maya Rudolph, Paul Shaffer, Tracy Morgan, Will Ferrell, and more surprise guests.