Now You Can Own a Piece of Food Network
Tuesday, July 01, 2008 | posted by Mike
Now you can help build your nest egg with a little bit of Tyler Florence because today marked the first day of trading for the spin-off Scripps Networks Interactive Inc. Well, sure...you always could have bought a share of former parent company E.W. Scripps at one point or another, but whatever.
According to that article, E.W. Scripps shareholders will receive one share of the new stock for every SSP share they currently hold. Congrats to all of our friends who work at Food Network, who are now likely proud shareholders of the new stock, which will trade under the code "SNI." He're hoping you all got a generous stock compensation packaged when you signed on!
How good an investment is SNI? Damned if I know. This isn't a stock tip site. And if you're taking investment advice from me, you're already in trouble. But:
In the first quarter, Scripps Networks profits were up 16.6 percent in 2007, to $603.5 million, on revenue of nearly $1.2 billion, the company said.
Considering the tailspin my old job's 401(k) is currently experiencing, maybe I should diversify into some Food Network.
Or maybe I can earn some extra scratch by putting out my own line of ingredients like Giada. Anyone interested in buying some official TVFF Thai Green Curry?