Updated below: Scripps Networks Interactive (NYSE: SNI), the TV and online company, is finally putting its UK utility comparison site uSwitch on the block, after repeated rumors about it for the last year or so. It has hired Allen & Co to help in the sale process. With the market being difficult enough, it is in some urgency to offload it, so much so that it took the unusual step of issuing a press release about it. SNI, which was spun off the main E W Scripps company last year, bought uSwitch in 2006 for about $344 million.
This comes after a $244 million writeoff for its comparison shopping engine Shopzilla earlier this year. IN Q407, Scripps had already recorded a non-cash charge of $411 million, for