Tribune Media Extends Food Network Partnership With Scripps Networks
Tribune Media’s cash raising efforts won’t include a sale of its 31% stake in Food Network — thought to be worth about $1 billion — to the cable channel’s parent, Scripps Networks Interactive.
The companies say this morning that they’ve agreed to a “multi-year extension” of their Food partnership agreement. They didn’t offer financial details.
Tribune Media CEO Peter Liguori calls Food “the gold standard for cable networks of all kinds,” and anticipates “continued success in the years ahead.”
Tribune received $36 million from its Food investment in Q2, and collected $126 million in the first half of this year.
But Tribune has been struggling to round up cash — and potentially a buyer. In February it hired two financial advisers, Moelis & Co and Guggenheim Securities, to “explore the full range of strategic and financial alternatives to enhance shareholder value.”
Scripps CEO Kenneth Lowe says that Food “continues to grow its footprint around the world,” and the partners hope to “grow this business for the long-term.”
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