(Cincinnati, OH)  --  The owner of the cable TV's Food Network reportedly is close to an agreement to buy the Travel Channel.

   Scripps Network Interactive could announce as early as today that it will buy a majority stake in the cable network from Atlanta-based Cox Communications, which would retain a 35-percent stake.

   "The New York Times" says Cox is  eager to sell to avoid a tax bill related to an earlier transaction.

   The deal values the network at about $1-billion.


   (Copyright 2009 by VERTEXNews/Newsroom Solutions)