One company would refashion Scripps Network into Scripps Interactive, which would include its cable and satellite networks: HGTV, Food Network, DIY Network, Fine Living Television Network and Great American Country, along with their Internet businesses. Scripps' interactive business includes the shopping services Shopzilla and uSwitch, and their related Web sites. Meanwhile, the other company will include its more traditional media which include its newspaper, wire services and television stations.
The restructuring will take place via a tax-free dividend in Scripps Networks Interactive distributed to all shareholders on a pro-rata basis, Scripps said. Scripps said both companies will be traded on the New York Stock Exchange and the deal is expected to be completed by the second quarter of 2008. — Gerald Magpily
See Business Courier of Cincinnati
