• by David Goetzl  @dgoetzl, December 15, 2009

Scripps Networks Interactive has completed its deal to take control of the Travel Channel, giving it a sixth network and a third widely distributed one.

Under the arrangement, SNI will own 65% of the network and related businesses, while current owner Cox will hold onto the rest.

The network dovetails with SNI's emphasis on lifestyle brands. And while the transaction was valued at a pricey $975 million, it was unlikely that SNI would find another asset that fit so well into its portfolio anytime soon -- maybe ever.

The Travel Channel is in some 95 million homes, making it a so-called fully distributed network. So, too, are SNI's Food Network and HGTV. The company also owns DIY, Great American Country, and the soon-to-be Cooking Channel.

Travel offers "potential revenue upside through increasing ad sales and affiliate fees as well as international opportunities," stated SNI CEO Ken Lowe.

Discovery Communications has been handling ad and affiliate sales for the channel. A recent report from Bernstein Research indicated that SNI has upside in reducing Travel's dependence on direct-response advertising.

Bernstein projected that Travel will bring in $120 million in ad sales this year.

Even as many media stocks have been pummeled, SNI has been a Wall Street favorite as it traded near a 52-week high of $41 Tuesday, compared to an $18 52-week low.