Scripps Networks (SNI) In Deal for Travel Channel
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Scripps Networks Interactive Inc. (NYSE: SNI) 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.
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.
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