Tribune signs extension with Scripps, signaling intent to keep stake in network

Kid Chef Zach Hofen during the Fusion Impossible, Cookoff Challenge, as seen on Food Network's Rachael Ray's Kids Cook-Off, Season 1. Image: Food Network(Scripps / Food Network)

Scripps Networks Interactive and Tribune Media Company today announced a multi-year extension of their Food Network partnership agreement.

Financial terms of the agreement were not disclosed.

“Food Network is the strongest food media brand across the globe and continues to grow its footprint around the world,” said Kenneth W. Lowe, chairman, president and chief executive officer of Scripps Networks Interactive, in a statement. “We are very happy to be able to continue our long relationship with Tribune Media to grow this business for the long-term.”

“We’re extremely pleased to be extending our partnership with Scripps Networks Interactive for Food Network, which has become the gold standard for cable networks of all kinds,” said Peter Liguori, Tribune Media’s president and chief executive officer, in a statement. “We look forward to continued success in the years ahead.”

The renewed deal between Tribune and Scripps and the Food Network seemingly signals the broadcast group’s intent to hang onto its stake in the Food Network. In March, Tribune announced a possible sale of its assets in order to help shore up its downward trending stock.

Since then, Tribune closed on a deal to part with a significant portion of its real estate holdings. In September, the company sold Tribune Tower, Los Angeles Times Square (North Block) and Olympic Plant (Los Angeles) properties and received $430 million in gross cash proceeds as well as a possible contingent payments of up to an additional $45 million.