E.W. Scripps Co. said Thursday that it had closed its acquisition of a 70
percent stake in Shop at Home.
The controlling stake in Shop at Home -- which sells merchandise through
broadcast, cable and satellite television, plus an Internet site -- was
purchased for $49.5 million in cash. Summit America Television Inc. will keep
the remaining 30 percent of the network.
As part of the deal, Scripps also lent $47.5 million to Summit America,
formerly Shop at Home Inc., which plans to use the money to repay debt.
The loan is to be repaid in three years, and it is secured by three of five
television stations Summit America owns.