Pursuits
Scripps Buyback Signals Company Won’t Sell, Analyst Says
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Scripps Networks Interactive Inc.’s $1 billion buyback authorization signals the cable TV company and its controlling trust won’t seek a buyer, said Tom Eagan, an analyst at Collins Stewart LLC.
The owner of Food Network and HGTV agreed today to buy 6.4 million shares for $46.66 each, or $300 million, from the Edward W. Scripps Trust that holds 93 percent of the Cincinnati-based company’s voting power. The other $700 million may be purchased privately or on the open market, the company said in a statement.