Scripps, Tribune Media to Continue Food Network Partnership
Tribune was thought to be open to a possible sale of its stake in what Scripps CEO Kenneth Lowe says is "the strongest food media brand across the globe."
Scripps Networks Interactive and Tribune Media on Friday unveiled a multiyear extension of their Food Network partnership.
Financial terms of the agreement were not disclosed.
Tribune Media, led by president and CEO Peter Liguori, has owned a 31 percent stake in Food Network. When the company earlier this year said it would look at possible asset sales, analysts mentioned controlling shareholder Scripps Networks as the most likely buyer if the price was right. Jefferies analyst John Janedis earlier this year estimated that Tribune’s stake in Food Network was worth about $1 billion.
"Food Network is the strongest food media brand across the globe and continues to grow its footprint around the world," said Kenneth Lowe, chairman, president and CEO of Scripps Networks. "We are very happy to be able to continue our long relationship with Tribune Media to grow this business for the long-term."
Said Liguori: "We’re extremely pleased to be extending our partnership with Scripps Networks Interactive for Food Network, which has become the gold standard for cable networks of all kinds." He added, "We look forward to continued success in the years ahead."
Tribune Media earlier this year reported that it received $126 million in cash distributions from its stake in Food Network for the first half of 2016.