Scripps Networks Interactive

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Scripps Networks Interactive Inc.
Public
Traded as
Industry
Fate Acquisition by Discovery Communications pending
Predecessor E. W. Scripps Company
Founded July 1, 2008; 9 years ago (2008-07-01)
Headquarters Knoxville, Tennessee, United States
Key people
  • Kenneth W. Lowe (Chairman, President & CEO)
  • Burton Jablin (President, Scripps Networks)
Production output
TV shows
Services TV channels
Revenue Increase US$ 2.5 billion (2013)[1]
Increase US$ 958.5 million (2013)[1]
Decrease US$ 683 million (2013)[1]
Total assets Increase US$ 4.4 billion (2013)[1]
Total equity Increase US$ 2.1 billion (2013)[1]
Number of employees
2,200 (2013)[1]
Divisions
Subsidiaries
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.[3]

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 São Paulo (Brazil), London (UK) and Singapore.

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

On July 31, 2017, Scripps Networks and Discovery Communications announced that the latter will acquire the former in a $14.6 billion cash and stock deal.[4]

History[edit]

Scripps Networks Interactive's roots began in 1994, when the E. W. Scripps Company purchase Cinetel Productions from the Bagwell family. Cinetel Production was based in the Cedar Bluff area of Knoxville, Tennessee. Scripps Networks took over Cinetel HQ.[5] On December 1, 1994 HGTV went on the air[5] 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 a stake in the Food Network.[5] 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.[6]

In 1999 Scripps launched DIY Network,[5] 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) by start up and Great American Country (2004) by acquisition.[5] 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.

Stand alone company[edit]

In 2008, the E.W. Scripps Company spun off its cable television networks into a separate company, Scripps Networks Interactive[5], which 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.

The company acquired a majority interest in the Travel Channel from Cox Communications for a reported $975 million in late 2009,[7] 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, the company announced the sale of Shopzilla to Symphony Technology Group for $165 million. It, from within its Travel Channel unit, also invested in Oyster.com, a hotel research and booking site.[8]

The company has launched Food Network in the United Kingdom and other European markets as well as in the Middle East and Africa. It is also preparing to launch Food Network in Indonesia, bringing the channel to five countries in Asia in one year’s time. Its channels are also available through outlets on U.S. military bases and U.S. embassies around the world via the American Forces Network.

In 2011, Virgin Media agreed to sell its 50% stake in UKTV to the company in a deal worth $495 million (£339 million).[9] Completion of the transaction was contingent on regulatory approvals in Ireland and Jersey, which was received on October 3, 2011.[10] Related to the transaction, the company 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. The company's 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, the company 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.[11] The deal was completed on May 1, 2012 following regulatory approval.[12] The international channel will be integrated with the company's own Travel Channel.

On December 11, 2012 One Kings Lane, a home decor website, announced that the company had invested in its Series D financing. The company invested $15M in exchange for a 3% equity stake in the company.[13]

In May 2013, the company announced that it will open a Brazilian headquarters, in São Paulo,[14] and has appointed the former vice-president of strategy of Fox as managing director.[15] It will broadcast its channels to the entire Latin America region.[14]

On June 5, 2013, the company launched ulive, a digital-only lifestyle video brand that combines video content from the company's media brands with premium third-party videos and original series. Consisting of ulive.com, this premium video portal and distribution network expands on the company's food, home and travel verticals, adding coverage for topics including parenting and wellness.[16]

The company, by way of its acquisition of Polish company N-Vision, purchased a 52.7% controlling interest in Polish broadcaster, TVN, in March 2015 for (€584m) US$615.3 million from ITI Group and French media giant Vivendi.[17][18] TVN operates 12 channels in Poland, including TVN, TVN24 and TVN24 Biznes I Świat.

The company bought out TVN's remaining owners, ITI Group and Canal+ Group, for €584 million (US$615.3m) in July 2015[19], resulting in TVN becoming a wholly owned subsidiary of the company.

References[edit]

  1. ^ a b c d e f "Scripps Networks Interactive". Forbes. 
  2. ^ "Paidcontent.org article". 
  3. ^ Scripps Networks Interactive Launches ulive
  4. ^ Szalai, Georg (July 31, 2017). "Discovery to Acquire Scripps Networks for $14.6 Billion". The Hollywood Reporter. Retrieved July 31, 2017. 
  5. ^ a b c d e f Lail, Jack D. (July 26, 2017). "Scripps family considers offers for Knoxville-based Scripps Networks Interactive". Knoxville News Sentinel. Retrieved August 3, 2017. 
  6. ^ "HGTV.com blog entry". 
  7. ^ Yarow, Jay (November 5, 2009). "Scripps Picks Up The Travel Channel In $975 Million Deal". Business Insider. Retrieved August 3, 2017. 
  8. ^ "Travel Channel Invests in Oyster.com". The New York Times. April 25, 2011. 
  9. ^ Szalai, Georg (April 29, 2016). "UKTV: Future of Scripps, BBC Joint Venture in Focus". The Hollywood Reporter. Retrieved August 3, 2017. 
  10. ^ "Scripps Networks Interactive and Virgin Media Complete UKTV Transaction". MarketWatch. 3 October 2011. 
  11. ^ "Scripps buys Travel Channel Int'l". C21Media. 22 March 2012. 
  12. ^ "Scripps Networks Interactive completes Travel Channel International acquisition". New York Times. 1 May 2012. 
  13. ^ "Home Decor Ecommerce Company One Kings Lane Raises $50M From Scripps Networks, IVP, Kleiner, Greylock". 11 December 2012. 
  14. ^ a b Kimenez, Keila. "Chega ao Brasil nova programadora de TV paga". Folha de S. Paulo. Folha.com. Retrieved 27 March 2013. 
  15. ^ "Scripps Networks contrata Márcio Fonseca como "managing director"". Tela Viva. Retrieved 27 March 2013. 
  16. ^ "Scripps Networks Interactive Debuts ulive Video Site". 13 October 2013. 
  17. ^ "Scripps buys majority stake in TVN". C21media. March 16, 2015. Retrieved August 3, 2017. 
  18. ^ "Scripps Networks Interactive sfinalizował przejęcie TVN". Retrieved 2015-07-03. 
  19. ^ Dickens, Andrew (July 2, 2015). "Scripps completes TVN purchase". C21media. Retrieved August 3, 2017. 

External links[edit]