Scripps Networks has purchased a 65% stake in the Cox Communications, which owns the Travel Channel, headquartered in Bethesda, MD. Other offers came in from News Corp. and Time Warner. The purchase of the Travel Channel from the former majority stakeholder Discovery Communications (just down East-West Highway in Silver Spring) totaled $975 million dollars in a year where media media companies have been struggling.
Does this mean a move the the company? It’s hard to say so early in the process, but it can be taken as a sign of a potential economic upswing in the works. Scripps CEO Ken Lowe said in a statement on the deal that Scripps can “build on Travel’s strong brand identity and leverage the successes achieved to date by the top-notch team at Travel Channel and our new partners at Cox Communications.” It’s also a sign that the Bethesda area continues to be a strong economic center in the DC area.
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