Scripps Networks Interactive has agreed to buy a controlling stake in the Travel Channel from Cox Communications outbidding a committed approach by News Corp. in a deal that values the cable-television network at $975 million.
Scripps Networks appears to be running out ahead in the chase to buy the Travel Channel from cable company Cox Communications. News Corp. ran Scripps close and pushed the price higher than had been widely anticipated.
According to the latest reports News Corp and Scripps Networks are both bidding enthusiastically for the US-based service the Travel Channel with intense activity going on ‘behind the scenes’.
Rupert Murdoch’s News Corp is leading the auction for the Travel Channel. There are three rivals fighting to acquire the 65% controlling stake from Cox Communications but Chase Carey, the News Corp CEO says the company would be “uniquely capable” of developing the product.
The Travel Channel announced its selection of the top 10 most romantic places to get married in a one-hour television special on Friday, May 31. The program, which featured wedding sites from around the world, honored the Hotel del Coronado with the number two ranking, just behind the Heliotopos Hotel on Santorini Island, Greece.