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UPDATE 1-Scripps lands deal for the Travel Channel

Thu Nov 5, 2009 9:17am EST

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*Scripps, Cox to create joint venture for Travel Channel

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*Scripps to hold controlling 65 pct interest

*Deal to be completed by January

NEW YORK, Nov 5 (Reuters) - Scripps Networks Interactive Inc. (SNI.N) plans to buy a controlling stake in the Travel Channel under a deal with Cox Communications Inc, adding to its lineup of cable channels such as the Food Network and HGTV.

Under the deal announced on Thursday, Scripps will own 65 percent of the Travel Channel and Cox Communications will hold on to the other 35 percent. The deal is expected to be completed by January.

In creating a joint venture, Cox will contributing the Travel Channel, which the two sides valued at $975 million, and Scripps will put in $181 million in cash. The partnership will take on $878 million in third-party debt.

Scripps Networks Interactive will control the venture. (Reporting by Paul Thomasch; Editing by Derek Caney)

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