Scripps' Cable And Web Unit Starts Trading Sans Newspapers And Local TV

Want to know what a pure-play cable TV-and-Internet company trades like? Now you have a chance. Scripps Networks Interactive starts trading today on the NYSE under ticker symbol “SNI.” The E.W. Scripps (SSP) company announced in October it would separate its cable-and-Internet unit to from the albatross of daily newspapers and local broadcast TV, which make up the bulk of Scripps’ holdings.

What does Scripps Networks Interactive include? HGTV, Food Network, DIY Network, Fine Living Network, all their various associated Web properties, and shopping sites Shopzilla and uSwitch. In Q1, Scripps Networks profits were up 16.6% to $603.5 million on revenue of $1.2 billion, the company said.

So far, shares of SNI are holding steady, up 1% to $38.73 a share, while the old E.W. Scripps is down 8.2% to $2.93. Next step for E.W. Scripps: go private?

See Also:
Scripps Q4: Cable Strong; Local Papers, TV Lousy
Dreamy Scripps Launches Me-Too Real Estate Site
Scripps: Peddling Shopzilla?

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