Scripps Shopping for More Food Network
Tuesday, September 19, 2006 | posted by Mike
It looks like there might be something brewing on the financial side of the Food Network.
We've mentioned before that EW Scripps Co. "owns" the Food Network, but that's only partly true. Scripps owns a stake in the Network, as does Tribune Co., which also owns television stations, newspapers and even the Chicago Cubs.
According to a Reuters report, the CEO of Scripps is looking to make an offer for Tribune's 31% share of the Food Network. There is no word on a timetable for the deal, nor on the amount Scripps might be willing to pay.
This doesn't mean a whole lot to us on the "watching" side of FN, and I'm not sure that it would significantly impact any of the programming. What it does mean, though, is that Scripps appears to be very pleased with the performance of the Food Network (and other cable holdings, like Home & Garden) and that they're looking for continued success to offset newspaper readership and advertising declines.
Labels: Food Network