-By Georg Szalai

Scripps Networks Interactive has agreed to buy a 65 percent stake in Travel Channel Media from Cox Communications in a deal that values the Travel Channel at nearly $1 billion.

News Corp. had also been in the running for the channel, but recent reports said a deal became too expensive for it.

Scripps Networks and Cox will form a joint venture, controlled by the former with a 65 percent stake, over the next few months. Cox will put Travel Channel Media into the venture, Scripps will contribute $181 million in cash and guarantee $878 million in debt that will be indemnified by Cox.

Launched in 1987, the Travel Channel reaches about 95 million U.S. TV households.

Scripps Networks runs such lifestyle networks as HGTV, Food Network and DIY Network.

"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 Scripps Networks chairman, president and CEO Kenneth Lowe.

Nielsen Business Media