ATLANTA, Nov. 5 /PRNewswire/ -- Cox Communications, Inc. today announced its intent to form a joint venture with Scripps Networks Interactive, Inc. (NYSE: SNI), for ownership and management of Travel Channel Media. Scripps Networks Interactive will control the joint venture and the network will be run as part of the company's growing portfolio of popular lifestyle media brands. This concludes an exploratory process that Cox began with their exclusive advisors Goldman, Sachs & Co. in June.

Under the terms of the agreement which is effective today and anticipated to close over the next few months, Cox will maintain a 35 percent stake in Travel Channel Media while Scripps will have a 65 percent interest. Cox will contribute the Travel Channel and Scripps Networks Interactive will contribute $181 million in cash to a newly created partnership. The partnership, in turn, will take on $878 million in third-party debt that will be guaranteed by Scripps and indemnified by Cox, with the proceeds to be distributed to Cox.

"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," said Cox Communications' President Patrick Esser. "Scripps has an outstanding reputation as a company, an employer and a programmer. Over the past 15 years, Scripps Networks Interactive has built a portfolio of leading lifestyle programming brands and we think this complementary expertise will be a boon to Travel Channel's future growth."

Launched in 1987, Travel Channel has grown to become one of America's best known cable television networks, today reaching about 95 million U.S. television households. The television network, the cornerstone of Travel Channel Media, supports a growing range of cross-platform initiatives including Internet, mobile and social media applications. Cox became sole owner of Travel Channel in 2007. Since then, distribution grew from 87 million to 95 million homes; international and domestic syndication grew 1300 percent; Travel Channel HD launched, successful new shows such as "Man v. Food" and "Ghost Adventures Live" delivered coveted 1.0 ratings; and the network won multiple Emmy Awards for the quality of their programming.

"Adding the Travel Channel and its related enterprises provides us with a unique opportunity to meaningfully expand our portfolio into a lifestyle category that is highly desirable to media consumers, advertisers and programming distributors, said Kenneth W. Lowe, chairman, president and chief executive officer of Scripps Networks Interactive. "Among cable companies, Cox has an outstanding reputation for its vision and investment for the long-term success of its businesses. We look forward to partnering with them in this venture."

About Cox Communications:

Cox Communications is a broadband communications and entertainment company, providing advanced digital video, Internet, telephone and wireless services over its own nationwide IP network. The third-largest U.S. cable TV company, Cox serves 6.2 million residences and businesses. Cox Business is a facilities-based provider of voice, video and data solutions for commercial customers and Cox Media is a full-service provider of national and local cable spot and new media advertising. Cox Communications wholly owns and operates Travel Channel. Cox is known for pioneering efforts in cable telephone and commercial services, industry-leading customer care and its outstanding workplaces. For six years, Cox has been recognized as the top operator for women by Women in Cable Telecommunication; for four years, Cox has ranked among DiversityInc's Top 50 Companies for Diversity; and the company holds a perfect score in the Human Rights Campaign's Corporate Equality Index. More information about Cox Communications, a wholly owned subsidiary of Cox Enterprises, is available at www.cox.com/espanol y www.coxmedia.com.

SOURCE: Cox Communications

Web site: http://www.cox.com/