Scripps’ Shop At Home television and e-commerce subsidiary has been hanging in the balance for months; the board authorized management to seek a sale during the first quarter. That stops now with the decision by Scripps to shut down the struggling operation effective June 30; TV broadcasts and ShopAtHome.com will cease June 22. It has 660 full-time employees.
Scripps spent $285 million in 2002-2004 to acquire the Shop At Home network and affiliated stations. It wasn’t profitable then and has since lost about $84 million. The losses aren’t over — Scripps will record an after-tax loss of up to $60 million including operating expenses, closing costs and a partial write-off. Scripps will sell the five television, offering alternative programming until then. Release
Scripps has fared much better with Shopzilla.com, which it has been integrating across its network sites.
WSJ (sub. req.) has more.
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