Scripps Completes Shop At Home Acquisition

Posted on November 20, 2002

The E. W. Scripps Company (NYSE: SSP) and Summit America Television Inc. (formerly Shop At Home Inc.) have completed a transaction that results in Scripps acquiring controlling interest of the Shop At Home television-retailing network. Summit America's television stations exclusively air Shop At Home programming and will continue do to so for a period of time as part of the transaction with Scripps.

Scripps acquired controlling interest in the Shop At Home Network to enter the growing television retailing industry, which reported more than $6 billion in sales in 2001. Scripps believes adding television retailing complements its diverse mix of media businesses, including its growing portfolio of national television programming services, Scripps Networks, which includes Home & Garden Television, Food Network, DIY - Do It Yourself Network and Fine Living.

Shop At Home Network is a 16-year-old nationally televised home shopping service that sells merchandise through interactive electronic media, including broadcast, cable and satellite television and its website, shopathometv.com.