Discovery Buying Out Cox’s Stake For $1.2 Billion

Discovery Communications said today that it planned to buy out all of its stock held by Cox Communications in a deal that included transferring the Travel Channel (and Travelchannel.com and audio tour guides firm Antenna Audio) and $1.275 billion in cash to Cox for its 25 percent stake in the company. The transaction is expected to be completed in May. Release
B&C: The deal leaves Discovery with just two owners – John Malone’s Discovery Holding Corp., which owns two-thirds, and Advance/Newhouse Communications, which owns one-third. The transitioning out of Travel comes shortly after the arrival at Discovery of its new CEO David Zaslav, from NBC Universal, who has actively begun reshaping the underperforming Discovery.

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