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Merger gives Scripps 100 pct of TV shopping network

The E.W. Scripps Company has acquired the remaining 30 percent of the Shop At Home Network through its acquisition of Summit America.

The agreement, which will give Scripps 100 percent control of the television retailing network and its five Shop At Home-affiliated broadcast television stations, is subject to regulatory approval.

Summit maintained a 30 percent minority interest in Shop At Home. Scripps, which operates the television networks Home & Garden Television, Food Network, DIY — Do It Yourself Network and Fine Living, acquired a 70 percent controlling interest in the Shop At Home Network from Summit in 2002.

Scripps will pay $4.05 in cash per share, or about $184 million, for approximately 45 million fully diluted outstanding shares of Summit common stock.

"This definitive agreement with Summit America demonstrates our confidence in the future of television commerce and the potential to create substantial shareholder value at Shop At Home," said Kenneth Lowe, president and ceo of Scripps. "If approved, the transaction provides Scripps with the opportunity to gain complete ownership of Shop At Home at an early stage in its integration with our diverse mix of media businesses."

Shop At Home also operates a web site at www.shopathometv.com and produces programming in digital format at its facilities in Nashville, Tennessee.

Thomas RussellThomas Russell | Associate Editor, FurnitureToday
trussell@furnituretoday.com

I'm Tom Russell and have worked at Furniture/Today since August 2003. Since then, I have covered the international side of the business from a logistics and sourcing standpoint. Since then, I also have visited several furniture trade shows and manufacturing plants in Asia, which has helped me gain perspective about the industry in that part of the world. As I continue covering the import side of the business, I look forward to building on that knowledge base through conversations with industry officials and future overseas plant tours. From time to time, I will file news and other industry perspectives online and, as always, welcome your response to these Web postings.