Cincinnati’s newest media company: Scripps Networks Interactive
Shares of Scripps Networks Interactive will begin trading July 1, after being spun out of E.W. Scripps Co. to take better advantage of the new company’s growth potential.
A new Cincinnati-based company will begin trading on the New York Stock Exchange soon. Scripps Networks Interactive (ticker symbol “SNI”) will begin trading July 1, the company says. SNI is being spun out of E.W. Scripps Co. to take better advantage of the new company’s growth potential. SNI will own cable TV brands HGTV, Food Network, DIY Network, Fine Living and Great American Country, and online search and comparison shopping services Shopzilla and uSwitch. The new company says it expects revenue to grow 8 to 10 percent for all of 2008. Last week, the Securities and Exchange Commission gave its blessing and E.W. Scripps’ controlling class of shareholders approved the spin-off, clearing the way for trading to begin. The E.W. Scripps Co., also based in Cincinnati, will continue to trade under the symbol “SSP” and will own daily and community newspapers in 15 markets and 10 broadcast TV stations.
Writer: David Holthaus
Source: Tim Stautberg, E.W. Scripps Co.
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