scripps networks interactive

Scripps Networks Interactive Looking To Offload uSwitch

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Scripps Networks Interactive is actively shopping around uSwitch, a UK-focused online price comparison and switching service for home services and personal finance products, which it acquired back in 2006 for a lofty $366 million in net cash.

Scripps Networks Interactive, itself spun out off E.W. Scripps back in October 2007, has engaged investment banking firm Allen & Company to assist in its search for a “qualified buyer” for uSwitch without establishing a timetable for completion of a transaction.

Scripps says the decision to seek a buyer for uSwitch has no bearing on Shopzilla, the comparison shopping site it acquired back in 2005 which the company intends to continue to operate.

Joseph G. NeCastro, executive VP and CFO for Scripps Networks Interactive, commented:

“Our objective is to find a buyer who fully appreciates the value of the powerful uSwitch brand and its market-leading position for energy switching in the United Kingdom. While we believe firmly in the vitality of the business, we’ve concluded that uSwitch and its future might be better served if it were part of another company that could add more direct value to a services comparison business.”

Or in other words, they want to get rid of it and hope that they’ll find someone to take off their hands, pretty please.

  • http://MyLocator

    Scripps Networks Anti-active makes more cents. sounds like another bebo.

    • Ken Goodstep

      Just couldn’t help yourself, could you. You had to share your useless dissenting view. You are such an a-hole. Don’t you get it? You know nothing. You mean nothing. You waste other people’s time. Why don’t you go back to buying useless URL’s and wishing that one day you will matter.

  • New Media Hub | Blog Archive | Around the web 6/10

    […] Scripps looking to sell uswitch. […]

  • Joe

    This deal should have never happened. Tim Peterman had no idea what he was doing at the time (now he’s back in the family biz selling overpriced clothing) and paid waaaaaayyyy too much for this outfit. SNI will be lucky to get pennies on the dollar for a division that never turned much of a profit.

  • HealThoid

    Interesting… But what sign on novelties of the news?

  • Ian T

    I just hope upmystreet goes back to a good, loving home rather than dying a death by a thousand days of non-investment. Uswitch is an OK site, but was never a $366m one.

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