/// Scripps Cautious When it Comes to Buying Tribune’s Stake in Food

August 8, 2013  |  Media Week

Scripps Networks Interactive CFO Joe NeCastro said today that the company was in no hurry to buy the remaining stake in Food Network still owned by Tribune on the company's second-quarter earnings call. “We're not gonna do anything overly aggressive to overpay for that network,” he told investors. “We are keenly aware of the benefits of increased leverage, we just want to make sure we're using it most appropriately.” Tribune emerged from Chapter 11 with a new board of trustees in January; the recovery has prompted much speculation about SNI's eventual purchase of the company's profitable stake in Food Network. Scripps prides itself on owning all of its content and is currently trying to grow some of its smaller channels, including Food sibling Cooking . Both advertising and affiliate fees were up for Q2. “Scatter CPM pricing was up in the mid teens to low twenties over the broadcast upfront,” said NeCastro. He flagged auto and consumer packaged goods as growth areas for SNI's networks (which include Food, HGTV, and Travel, among others). “Year-over-year, scatter pricing is running in the mid-to-high single digits,” NeCastro said. “In the just-completed upfront, we finished right at the top of our peers.” The company again

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