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Media giant E.W. Scripps is set to spin off its interactive unit, which consists of its cable channels and internet sites, into a separate company. On the Web side of things, Scripps owns Foodnetwork.com, USwitch.com, and Shopzilla, which it acquired in 2005. The other half of Scripps consists of a variety of slower growing broadcast TV stations and newspapers.
Given the resurgence of Internet stocks on Wall Street, the move makes sense for Scripps, who also noted it is likely to do more acquisitions in the Web space. The spin off is expected to be completed in the second quarter of next year.
Combined, the Scripps interactive properties have annual revenues of a reported $1.4 billion.