News Corp. (NYSE: NWS) is now considered to be the favorite to win the Travel Channel auction, the FT reports, citing sources. Cox put a majority stake in the cable network up for sale in July. Back then — and as recently as last month — Scripps Networks Interactive (NYSE: SNI) was considered the favorite.
Both Scripps and a PE group led by Providence Equity Partners, however, remain in the bidding. Last month, the FT reported that bids had come in “substantially ahead of initial expectations;” a sale could reportedly value the Travel Channel, which has 100 million subscribers, at $800 million or more.