Blog Post

Scripps Sold uSwitch For Only $10 Million, 3 Years After Buying It For $366 million

Late last year when Scripps Networks Interactive (NYSE: SNI) finally announced the sale of its UK utility comparison shopping site uSwitch, we knew it was for a lowball price, and we guessed around $50 million, three years after it bought the site for $366 million. Turns out Forward Internet Group, who bought the company, paid a lot less than that. According to Scripps’ 10K that came out earlier this evening, the cash portion of sale price is about $10 million.

That’s the topline number, but there are some other nuances to it: “The gain on the uSwitch divestiture reflects the recognition of $44.4 million in foreign currency translation gains that were previously recognized in equity as a component of accumulated other comprehensive income. The foreign currency translation gain was partially offset by a $6.8 million charge recorded for lease obligations we assumed in the sale and a $8.9 million loss that was recognized on the sale of uSwitch