Silver Spring, Md. - Discovery Communications, the media company behind such cable TV channels as The Discovery Channel, TLC and Animal Planet, said that it has completed its deal to acquire Atlanta-based Cox Communications' 25% stake in the company in exchange for Travel Media, its unit that owns the Travel Channel and TravelChannel.com.

Travel Media also holds approximately $1.3 billion in cash.

The deal, first announced in late March, is expected to simplify Discovery's ownership structure, streamline its operations and give the company more flexibility.

With the deal completed, two-thirds of Discovery Communications now is owned by Discovery Holding, and the remaining third by Advance/Newhouse Communications.

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