Negotiations for the majority stake in Cox Enterprise’s Travel Channel are now centered on the winning party forming a joint venture with Cox, Reuters reports.

News Corp. and Scripps Networks Interactive are leading the bidding, with the valuation of the stake of about 65% above $900 million, Reuters said, citing sources.

Under a joint venture scenario being discussed, Cox would contribute Travel Channel to the new company and the winning bidder would contribute cable properties and cash. News Corp. would likely contribute the National Geographic Channel; it’s unclear which cable properties among its many that Scripps would contribute.

–Elizabeth Jensen