CINCINNATI — E.W. Scripps Co. said today that it wants to split itself into two publicly traded media companies, one focusing on its fast-growing cable operations and its online shopping services and the other on its slumping newspaper business and local television stations.
Its shares climbed 7 percent on the announcement, rising $2.96 to $45.24.
Scripps Networks Interactive would include HGTV, the Food Network, DIY Network, Fine Living Television Network and Great American Country along with online comparison shopping services Shopzilla and uSwitch.
E.W. Scripps Co. would include newspapers in 17 U.S. markets, 10 broadcast television stations, a character licensing and feature syndication business operated by United Media and Scripps Media Center in Washington, D.C.
Scripps’ newspapers include the Rocky Mountain News in Denver and the Camera and the Colorado Daily in Boulder.
Scripps’ announcement comes two weeks after media company Belo Corp. said it plans to spin off its newspapers, which have been struggling to keep readers and advertising dollars, into a new company that will operate separately from its 20 television stations.
Scripps said the split could be completed in the second quarter.
