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Travel Agent, April, 2002
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USA Networks, soon to be renamed USA Interactive, which holds controlling stakes in Expedia, Hotel Reservations Network and Ticketmaster, is paying roughly $106 million for London-based TV Travel Group. TV Travel founded in 1998, operates two television channels in the UK, including TV Travel Shop, and one in Germany.
The company's 900 employees in London and Bromley, Kent, will remain in place and are expected to help oversee USA Network's planned cable travel shopping network in the U.S., which is slated to launch by the end of the year. USA Network's acquisition of TV Travel is expected to be completed by the end of the second quarter.
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