News Corp. Abandoning Travel Channel Bid LA Times

News Corp. is pulling out of the race to get control of the Travel Channel, the Los Angeles Times reports, citing “people close to the situation.”

Bidding had escalated to close to $1 billion, far above the $600 million to $700 million that the controlling stake in the Cox Communications network had been expected to get.

Scripps Network had been the other finalist in the bidding. Another bidder had been Providence Equity Partners.

--Elizabeth Jensen