USA Networks Swoops on Britain’s TV Travel Group

03 April 2002

American media group USA Networks has agreed to purchase Britain's TV Travel Group – owner of two travel channels in the UK and one in Germany – for around $100 million (€113.6m; £69.6m).

The deal includes acquisition of the 37% stake in the British group currently held by debt-beset cable operator Telewest for $40m.

Eager to expand its interactive shopping operations, USA Networks is planning a stateside travel sales empire. It already holds controlling stakes in online travel agent Expedia and Hotel Reservations Network.

The US firm will pay for TV Travel Group in cash and shares, using some of the windfall received in its sale of entertainment assets to Vivendi Universal. The deal is expected to be completed in the second quarter, by which time the American firm plans to have changed its name to USA Interactive.

Data sourced from: The Times (London); New York Times; additional content by WARC staff