Scripps Acquires uSwitch.com for $366M

Posted 17 March 2006 @ 11:47 pm EET     Print     Reprint     E-Mail     Comments

CINCINNATI (AP) - Media company E.W. Scripps Co., continuing its push into the online comparison shopping business, said on Thursday that it has bought a British company for $366 million that provides specialized Internet searches.

Founded in 2000, uSwitch.com helps consumers compare rates on gas, electricity, home phone, digital television, broadband, credit cards and personal loans.

The company has developed a series of calculators that evaluate price, type of service, location and payment method to help consumers find the best deal and enable them to switch their service provider online.

The uSwitch service is free to consumers. Most of the company's revenue comes from commissions paid by participating service providers, Scripps said.

Last June, Scripps bought online comparison shopping company Shopzilla.com for $525 million.

Both uSwitch and Shopzilla are the foundation of a newly created interactive media division for the company. Tim Peterman, senior vice president of interactive media for Scripps, will oversee the development of these rapidly growing Internet-based businesses, the company said.

"We believe the uSwitch service and brand provide a sturdy platform on which we can expand into Europe and beyond," said Kenneth W. Lowe, president and chief executive officer for Scripps.

Scripps has interests in national cable networks, newspaper publishing, broadcast television stations, electronic commerce, interactive media and licensing and syndication. Its cable networks include HGTV, Food Network, DIY and Fine Living.

Scripps stock fell 3.5 percent, or $1.70, to close at $46.30 in trading Thursday on the New York Stock Exchange. Scripps shares have traded between $44.85 and $52.91 in the past year.