Scripps Files Split Docs With SEC3/27/2008 7:13 AM Eastern
E.W. Scripps Co. has filed a Form 10 registration statement for Scripps Networks Interactive with the Securities and Exchange Commission, bringing the planned split of the media giant into two separate publicly traded entities another step closer to completion.
Scripps, which filed the SEC document Wednesday, announced in October its intention to split the company into two separate units – Scripps Networks Interactive, which would include its cable networks HGTV, Food Network, Great American Country, Fine Living and DIY and their related Web sites; and E.W. Scripps, comprising its daily and community newspapers in 17 markets and 10 broadcast television stations.
Scripps Networks Interactive, which will be headed by current E.W. Scripps CEO Ken Lowe, is expected to be the larger of the two companies, with $1.5 billion in annual revenue and about $600 million in annual operating cash flow. E.W. Scripps should have annual revenue in the $1 billion range with operating cash flow of between $225 million and $250 million.
Earlier this month, Scripps received confirmation from the Internal Revenue Service on the tax-free status of the split. The company expects to complete the transaction some time in June.