USA Networks to Buy TV Travel Group
Bloomberg News
USA Networks Inc. announced a deal to buy Britain-based TV Travel Group Ltd. for about $100million in cash and stock.
TV Travel Group pioneered the concept of a television channel dedicated to selling travel and has three TV Travel Shop channels--two in Britain and one in Germany. The current management team, led by Stephen Welton, will remain in place and also is expected to oversee USA’s forthcoming cable travel network in the United States.
On Dec. 17, USA and Vivendi Universal announced that USA agreed to contribute its Entertainment Group to a joint venture to be controlled by Vivendi.
USA Networks shares fell 31 cents to $31.42 on Nasdaq.
