Cox Communications has sold a 65 percent stake in Travel Channel Media to Scripps Networks Interactive as part of a joint venture the two companies announced Thursday morning.
Atlanta-based Cox will keep a 35 percent stake in the network, the company said.
Cox said it will contribute to the Travel Channel. Scripps Networks will pay $181 million in cash to the newly created partnership between the two companies.
The partnership will take on $878 million in third-party debt that will be guaranteed by Scripps and indemnified by Cox, the company said. Proceeds will be distributed to Cox, the company said.
Scripps Networks will control the joint venture, Cox said. Scripps touts itself as the "leader in lifestyle media," according to the network's Web site. Other channels the company owns include HGTV and the Food Network.
"This solid partnership we're establishing today allows us to maintain an interest in Travel Channel while at the same time giving the network an opportunity to leverage the resources and expertise of a successful programmer like Scripps Networks Interactive," Cox Communications President Patrick Esser said in a statement.
The Travel Channel was started in 1987. Today, the network reaches 95 million households, Cox said. Travel Channel Media includes Internet, mobile and social-media applications.
Cox Communications became the sole owner of the Travel Channel in 2007.
"Among cable companies, Cox has an outstanding reputation for its vision and investment for the long-term success of its business," Kenneth W. Lowe, Scripps Networks Interactive chairman, president and CEO, said in a statement.
Cox Communications is owned by Atlanta-based Cox Enterprises Inc., an Atlanta-based communications, auto services and media company, whose holdings include The Atlanta Journal-Constitution.
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