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Scripps Networks is betting that food and travel are an ideal combination. The company behind the Food Network is snapping up a controlling stake in the Travel Channel, giving the cable network a value of nearly $1 billion.

Scripps said Thursday it will take a 65 percent stake in Cox Communications Inc.'s Travel Channel, which reaches about 95 million U.S. households. It has been chasing the channel since June.

Under the joint venture agreement, Scripps Networks will contribute $181 million in cash. Cox, in turn, will contribute the Travel Channel, valued at $975 million.


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