Scripps Networks Interactive Pays $100 Million for Travel Channel International
The company reached an agreement to buy the U.K.-based distributor of the U.S. network's programming.
In a deal expected to be approved in the second quarter, Scripps Networks Interactive will buy Travel Channel International for £65 million ($102.7 million).
The Tennessee-based Scripps said Thursday that it has reached an agreement to acquire the independent company, which distributes programming for Travel Channel abroad in 91 countries and 20 languages.
Scripps owns Travel Channel and a host of lifestyle cable networks including HGTV, Food Network, DIY Network, Cooking Channel and Great American Country.
“Scripps Networks Interactive is the natural home for Travel Channel International,” said TCI CEO Richard Wolfe. “Combining TCI’s reach and resources in our territories with those of SNI’s U.S. Travel Channel creates a new worldwide brand with powerful synergies in programming and advertising.”
Scripps chairman, president and CEO Kenneth Lowe says the integration will help solidify international efforts in markets where it already has a strong presence and increase its footprint in European and Asian markets.
TCI has affiliate agreements with about 850 distributors and all 46 of its London-based, full-time employees will join Scripps after the acquisition's completion.