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Business News

Wolfe's Travel Channel snapped up by US rival Scripps

The media and internet entrepreneur Richard Wolfe scooped up the best part of a £65m pay day yesterday after his Travel Channel International was bought out by the US media company Scripps International, which broadcasts the US equivalent.

Travel Channel International broadcasts travel programming across Europe, the Middle East, Africa and the Asia-Pacific region. The cable and satellite channel was founded in 1994.

Mr Wolfe, 64, who has appeared on Management Today's top 100 entrepreneurs list, described Scripps as "the natural home" for his channel which employs 46 full-time staff, largely in London.

The acquisition is Scripps' second recent foray into the UK media market. Last year it bought out Virgin Media's 50 per cent stake in UKTV in a £340m deal. The latter's channels include Good Food, Dave, Really, Yesterday, Alibi and Watch.

While the company had considered launching into the UK on its own, it had also been circling Travel Channel International for some time.