June 8 (Bloomberg) -- Cox Communications Inc., the third- largest U.S. cable company, received unsolicited inquiries about its Travel Channel Media unit and hired Goldman, Sachs & Co. to evaluate options.

The company is exploring joint ventures, though it may keep the current structure of Travel Channel intact, according to a statement posted today on Atlanta-based Cox’s Web site. No decision has been made, it said.

Closely held Cox acquired the channel from Discovery Communications Inc. two years ago after it agreed to sell its 25 percent stake in the company. At the time, the channel had an estimated value of as much as $1.2 billion. Today, with depressed travel-related advertising, it may be worth $600 million to $700 million, Hale Holden, a credit analyst at Barclays Capital Inc. in New York, said in a note.

Time Warner Inc., Scripps Networks Interactive, NBC Universal Inc., Viacom Inc. and CBS Corp. may be potential buyers, Holden said.

Travel Channel Media includes the Travel Channel, currently distributed in 94 million U.S. homes, and its Web site, travelchannel.com.

David Grabert, a spokesman for Cox, declined to comment on potential acquirers.

Two weeks ago, Travel Channel head Patrick Younge announced plans to step down from his post next year. His decision wasn’t tied to the possibility of a change in structure, Grabert said. A search for Younge’s replacement is under way, Grabert said.

To contact the reporter on this story: Kelly Riddell in Washington at kriddell1@bloomberg.net

Last Updated: June 8, 2009 18:00 EDT