Does Cox Communications Announces Definitive Agreement for Joint Ownership of …?
ATLANTA, Nov. 5 /PRNewswire/ — Cox Communications, Inc. today announced its intent to form a joint venture with Scripps Networks Interactive, Inc. (NYSE: SNI), for ownership and management of Travel Channel Media. 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. This concludes an exploratory process that Cox began with their exclusive advisors Goldman, Sachs & Co. in June. Under the terms of the agreement which is effective today and anticipated to close over the next few months, Cox will maintain a 35 percent stake in Travel Channel Media while Scripps will have a 65 percent interest. Cox will contribute the Travel Channel 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
CINCINNATI– (BUSINESS WIRE) — 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 va
About Cox Communications: Cox Communications is a broadband communications and entertainment company, providing advanced digital video, Internet, … Sources: http://news.google.com/news/url?sa=t&ct2=us%2F0_0_s_0_0_t&usg=AFQjCNHMjAZvUaY-jo-kQ9kYnCX9jZEj8A&sig2=Wc5fewZ9pq6mc2Yc3PxYwg&cid=1464835644&ei=3-vySuj6LZbK8ASoyqQL&rt=SEARCH&vm=STANDARD&url=http%3A%2F%2Fwww.reuters.
CINCINNATI– (BUSINESS WIRE) — 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 va
