Bids for a stake in Cox Communications’ Travel Channel are nearing $1 billion, far exceeding the $600 million to $700 million it was initially expected to command, the New York Times reports.
Those bidding are said to include News Corp. and Scripps Networks, and at least one of the offers is for more than $900 million, according to the paper. Although the channel’s ratings and revenues are modest, widely distributed cable networks are rarely for sale, which accounts for the strong bidding. The report says the Travel Channel is in about 100 million homes.
News Corp. is the lead bidder, but the two sides aren’t in exclusive negotiations, the paper said.