Thursday, March 22, 2012
BREAKING. The Travel Channel sold to Scripps Networks Interactive for £65 million; promises of better programming.
Scripps Networks Interactive is buying the Travel Channel (DStv 181), the international version which is seen in South Africa, for £65 million.
The channel seen in South Africa and the rest of Africa as well as Europe, the Middle East and Asia Pacific was previously independently owned but all 46 employees of the channel with its headquarters in London will become part of the larger Scripps Networks Interactive.
''Scripps Networks Interactive is the natural home for Travel Channel International,'' says Richard Wolfe, the chief executive of the Travel Channel in a statement. ''Combining the Travel Channel's reach and resources in our territories with those of Scripps Networks Interactive's American Travel Channel creates a new worldwide brand with powerful synergies in programming and advertising.''
''We are looking forward to integrating the Travel Channel into Scripps Networks Interactive's portfolio of popular lifestyle networks,'' says Kenneth W. Lowe, the chairman, president and chief executive officer of Scripps Networks Interactive.
''The Travel Channel brings unique value to us as we establish our brands in the global media marketplace. We're enthusiastic about sharing our lifestyle programming expertise internationally, engaging a new set of passionate media consumers overseas, and increasing our footprint.''