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Scripps Networks Interactive has agreed to buy a 65 percent stake in Travel Channel Media from Cox Communications in a deal that values the Travel Channel at nearly $1 billion.
News Corp. had also been in the running for the channel, but recent reports said a deal became too expensive for it.
Scripps Networks and Cox will form a joint venture, controlled by the former with a 65 percent stake, over the next few months. Cox will put Travel Channel Media into the venture, Scripps will contribute $181 million in cash and guarantee $878 million in debt that will be indemnified by Cox.
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