Scripps Networks Interactive has decided to pursue a $1 billion stock buyback that sharply lessens the likelihood the company will be sold. No doubt, some investors probably were hoping that a strategic recently-completed review by the owner of the Food Network, among other content properties, would lead Scripps toward some type of NBC Universal-like sale and pay-off with a cable TV operator or a larger programming house.
The company had pursued the review after receiving interest in a possible sale from media and private equity firms.
Acquisition speculation, however, has followed Scripps for at least three years since the company was spun off from media firm E.W. Scripps and Co.
- The Wall Street Journal has this article
Scripps reported jumps in revenue from affiliate fees and advertising
A Scripps official recently urged the industry to be more consumer-centric