Cox finalizes swap deal with Discovery
Privately held cable operator Cox Communications Inc. has completed the swap of its 25% stake in Discovery Communications for Travel Media Inc., the owner of Travel Channel and TravelChannel.com, and about $1.3 billion in cash. Travel Media's ownership of Antenna Audio initially was part of the deal but later was excluded by mutual agreement of the two parties, the two companies said Monday. The deal means that two-thirds of Discovery Communications is now owned by Discovery Holding Co., with the remaining third still in the hands of Advance/Newhouse Communications, which continues to have a big say in the firm's future. Most matters that the Discovery owners must rule on require an 80% vote.