Knoxville-based Scripps Networks Interactive is acquiring independently-owned, UK-based Travel Channel International (TCI).
Scripps will pay £65 million (or US$102.6 million) to acquire TCI, which distributes the Travel Channel brand in 20 languages across Europe, Africa, the Middle East, and Asia Pacific regions.
TCI produces and commissions original travel programming for distribution in 91 countries. Its 46 London-based employees will join Scripps Networks Interactive at the completion of the deal, expected to come during the second quarter of 2012, pending regulatory approval.
“TCI brings unique value to us as we establish our brands in the global media marketplace,” said Kenneth Lowe, chairman, president and chief executive officer of Scripps Networks Interactive. “We’re enthusiastic about sharing our lifestyle programming expertise internationally, engaging a new set of passionate media consumers overseas, and increasing our footprint in Europe and Asia, building on the solid foundation we’ve established for the continued international growth of our brands.”
Richard Wolfe, chief executive of TCI, called Scripps the “natural home” for TCI and added, “Combining TCI’s reach and resources in our territories with those of SNI’s U.S. Travel Channel creates a new worldwide brand with powerful synergies in programming and advertising.”