Discovery to Buy Out Cox Stake

Mar 29, 2007  •  Post A Comment

Discovery Communications Inc. agreed to acquire Cox Communications’ stake in the company in exchange for $1.275 billion in cash and the assets of the Travel Channel, Travelchannel.com and Antenna Audio.

The deal would leave John Malone’s Discovery Holding Co. owning two-thirds of Discovery Communications and Advance/Newhouse Communications owning one third. The transaction is expected to close in mid-May.

“This proposed transaction will simplify Discovery’s ownership structure, further streamline our operations and give the company more strategic flexibility,” said David Zaslav, Discovery Communications President and CEO. “With the structural changes we are putting in place, Discovery is creating a more efficient decision making process and building a strong, aggressive organization poised for continued growth.”

(Editor: Worrell)