Tribune Co. plans to invest $53 million in its Food Network partnership in connection with the cable channel’s launch of a second culinary channel last year, a source close to the transaction confirmed Friday.

The Chicago-based parent of the Chicago Tribune and other media assets expects to file a motion regarding the investment with the bankruptcy court in Delaware Friday, the source said. Tribune Co. has been operating under Chapter 11 protection since December 2008.

The investment will preserve Tribune Co.’s stake in the Food Network at 31.3 percent. Scripps Networks Interactive Inc. owns the rest of the Food Network.

Without the cash contribution, Tribune Co.’s interest in the partnership would have been diluted to 25.5 percent, because Scripps had  contributed assets to start the Cooking Channel in May.

Scripps converted its Fine Living Network into the Cooking Channel and folded it into the Food Network partnership with Tribune Co. Scripps said at the time that a new channel was possible because advertiser demand was outstripping audience growth at the Food Network.

Tribune Co.’s stake in the Food Network is one of its most valuable assets, contributing more than $100 million to the company’s cash flow last year, the source said.

Tribune was one of the original partners in the network when it debuted in 1993. The culinary channel has been hugely successful and now reaches 100 million U.S. households. Analysts estimate the Food Network’s market value at more than $4 billion.

asachdev@tribune.com