Scripps Networks Interactive

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Scripps Networks Interactive, Inc.
Type Public
Traded as NYSESNI
S&P 500 Component
Industry Cable Television
Interactive Media
Founded July 1, 2008
Headquarters Knoxville, Tennessee, United States
Key people Kenneth W. Lowe (Chairman, President & CEO)
Burton Jablin (President, Scripps Networks)
Products HGTV
Food Network
DIY Network
Cooking Channel
Great American Country
Travel Channel
ulive
Revenue Increase US$ 2.5 billion (2013)[1]
Operating income Increase US$ 958.5 million (2013)[1]
Net income Decrease US$ 683 million (2013)[1]
Total assets Increase US$ 4.4 billion (2013)[1]
Total equity Increase US$ 2.1 billion (2013)[1]
Employees 2,200 (2013)[1]
Website www.scrippsnetworksinteractive.com

Scripps Networks Interactive, Inc. is an American media company formed on July 1, 2008, when the E. W. Scripps Company spun off its cable television division as a publicly traded company.[2] Since launching HGTV in 1994, Scripps Networks diversified into lifestyle media, developing relevant content for television, Internet, satellite radio, books, magazines, and on emerging media platforms.In addition to HGTV, its lifestyle media brands include Food Network, DIY Network, Cooking Channel, Travel Channel, Great American Country and ulive.

Scripps is headquartered in Knoxville, Tennessee. The company has additional office locations in New York City; Los Angeles; Chicago; San Francisco; Chevy Chase, Maryland; Atlanta; Detroit; Nashville; Cincinnati; and offices in London (UK) and Singapore.

Scripps Networks' Chairman, President and CEO is Kenneth W. Lowe, who founded HGTV in 1994.

Company history[edit]

Scripps Networks Interactive's roots began in 1993, when the E. W. Scripps Company announced it would launch a 24-hour cable network in the fall of 1994. On December 30, 1994 HGTV went on the air to 6.5 million homes in 50 markets.

In 1995, the official opening for HGTV’s new headquarters in Knoxville took place. The network reached into 10 million homes on November 1 of that year, launched in Canada and online with HGTV.com in 1996, and hit the 25 million subscriber mark in 1997.

Also in 1997, Scripps Networks added its second network with the acquisition of Food Network. The year also saw HGTV execute its first HGTV Dream Home Giveaway, which received more than 1.2 million entries from across the country. By 2011, the number of entries had grown to nearly 80 million.[3]

In 1999 Scripps launched DIY Network, described as the "go-to destination for rip-up, knock-out home improvement television." With three brands now under the Scripps Networks umbrella, a $12 million addition was made to the company’s headquarters in Knoxville to provide the infrastructure and technology to support the networks’ growth.

Both HGTV (in November 2002) and Food Network (in September 2003) reached full distribution[clarification needed] with 80 million subscribers apiece, while Food Network followed HGTV’s footprint into Canada by launching Food Network Canada at the end of 2002.

The first half of the decade also saw Scripps Networks add its fourth and fifth networks to its mix, Fine Living Network (2002) and Great American Country (2004). A few months after the acquisition of Great American Country, Scripps Networks announced the move of the network’s headquarters from Denver, Colorado to Nashville, Tennessee.

In 2008, Scripps Networks Interactive split from the E.W. Scripps Company and received its own listing on the NYSE as ticker symbol SNI. The year also saw Great American Country reach 50 million subscribers, with DIY Network reaching the 50 million subscriber mark in 2009.

Scripps Networks acquired a majority interest in the Travel Channel from Cox Communications for a reported $975 million [4] in late 2009, and the following year rebranded Fine Living Network as Cooking Channel.

On February 8, 2011, the company's headquarters facility in Knoxville was awarded the Leadership in Energy and Environmental Design (LEED) Gold certification, established by the U.S. Green Building Council (USGBC) and verified by the Green Building Certification Institute (GBCI).

In April 2011, Scripps announced the sale of Shopzilla to Symphony Technology Group for $165 million. Scripps, from within its Travel Channel unit also invested in Oyster.com, a hotel research and booking site.[5]

On August 15, 2011, Virgin Media agreed to sell its 50% stake in UKTV to Scripps Networks in a deal worth £339m. Scripps paid £239m in cash, and about £100m to acquire the outstanding preferred stock and debt owed by UKTV to Virgin Media.[6] Completion of the transaction was contingent on regulatory approvals in Ireland and Jersey, which as received on October 3, 2011.[7] Related to the transaction, Scripps Networks and BBC Worldwide are negotiating an agreement whereby, after completion, BBC Worldwide would have the option, via a combination of cash and a package of digital rights for UKTV, to increase its shareholding from 50 percent to a maximum of 60 percent. Scripps Networks' existing voting rights and board representation would be unaffected by this proposed arrangement, which would be subject to BBC Executive and BBC Trust approvals.

On March 22, 2012, Scripps Networks announced that it had agreed to pay £65m (US$102.7m) to acquire Travel Channel International Limited, the UK-based distributor of the Travel Channel brand across the Europe, Middle East, Africa and Asia Pacific markets.[8] The deal was completed on May 1, 2012 following regulatory approval.[9] The international channel will be integrated with Scripps Networks' own Travel Channel.

On December 11, 2012 One Kings Lane, a home decor website, announced that Scripps Networks had invested in its Series D financing. Scripps Networks invested $15M in exchange for a 3% equity stake in the company.[10]

On June 5, 2013, Scripps Networks launched ulive, a digital-only lifestyle video brand that combines video content from Scripps Networks’ media brands with premium third-party videos and original series. Consisting of ulive.com, this premium video portal and distribution network expands on Scripps Networks’ food, home and travel verticals, adding coverage for topics including parenting and wellness.[11]

Scripps Networks International[edit]

Scripps Networks has launched Food Network in the United Kingdom and other European markets as well as in the Middle East and Africa. The company recently acquired a 50 percent interest in UKTV, one of the U.K. leading multi-channel television programming companies. Scripps Networks is also is preparing to launch Food Network in Indonesia, bringing the channel to five countries in Asia in one year’s time. Scripps Networks' channels are also available through outlets on U.S. military bases and U.S. embassies around the world via the American Forces Network.

In May 2013, the company announced that it will open a Brazilian headquarters, in São Paulo,[12] and has appointed the former vice-president of strategy of FOX as managing director.[13] Scripps Networks will broadcast its channels to the entire Latin America region.[12]

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