Discovery Communications Inc., the parent company of several cable networks, said yesterday that it will acquire a controlling stake in a channel devoted to travel.
The Bethesda-based firm said it will pay Paxson Communications Corp. $20 million for a 70 percent interest in the Travel Channel.
Paxson acquired the network from Landmark Communications Inc., which also operates the Weather Channel. Paxson will retain a 30 percent interest in the Travel Channel.
The Travel Channel has 20.8 million subscribers and airs programs on subjects like traveling tips and vacation getaway profiles.
Jim Boyle, a spokesman for Discovery Communications, said it is possible changes will be made to the Travel Channel, though he added, "We plan to keep the travel concept, but we have no specific programming plans."
Discovery Communications operates the Discovery, History and Learning channels and Animal Planet, and has holdings in retail stores, publishing and online ventures. Discovery is owned by Telecommunications Inc.'s Liberty Media, Cox Communications Inc. and others.
Pub Date: 9/11/97