Cox/Travel Channel Deal Finalized
Posted by iTVX Staff on 14th May 2007
As expected, Cox Communications and Discovery Communications today completed the $1.28 billion transaction that will send the Travel Channel packing while helping to streamline the ownership structure at DCI.
In a deal that was first announced on March 29, Discovery has anted up $1.28 billion in cash to buy out Cox’s 25 percent stake in DCI, while handing over the reins to the Travel Channel and its related digital media assets.
With the deal finalized, two-thirds of DCI is now held by Liberty Media’s Discovery Holding Company subsidiary, while the remaining third continues to be controlled by Advance/Newhouse.
“We are excited to finalize the deal and to convert our ownership position in Discovery to such a strong operating asset as Travel Channel,” said Cox president Pat Esser, adding that his team is “enthusiastic about [Travel’s] tremendous growth prospects.”
Travel Channel president Pat Younge will remain at the helm of the network, which he joined in early 2005 as executive vp and general manager. Through the upfront period, Travel Channel ad sales will continue to be overseen by Discovery ad sales president Joe Abruzzese..
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