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Paxson to Buy the Travel Channel

June 17, 1997|From Bloomberg News

WEST PALM BEACH, Fla. — Paxson Communications Corp. has agreed to buy the Travel Channel from Landmark Communications Inc. for $55 million in stock and $20 million in cash.

The Travel Channel, a 24-hour cable TV channel focused on travel and tourism, reaches 20 million homes. There are about 68 million cable TV households in the U.S.

Paxson, which owns radio and television stations, plans to replace much of the channel's shows with new travel programming to attract more subscribers. The company will offer cash and stock to cable companies to secure more distribution.

"The Travel Channel needs more subscribers," said Lowell "Bud" Paxson, chairman and chief executive of Paxson.

Paxson plans to combine the Travel Channel operations in Atlanta with the offices and studios it owns at its local station. Paxson also plans to hire more employees for the channel, which employs about 40 people.

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