Scripps Networks Interactive and Tribune Media said they have agreed to extend their joint ownership of Food Network. Terms of the multi-year agreement were not disclosed.
Scripps owns 68.7% of the channel and Tribune 31.3%. The deal periodically comes up for review and Scripps has said on several occasions that it would buy out its partner if the price was right.
Analysts believed Tribune would sell the interest – valued at about $1.5 billion at the time – when Tribune Media’s former parent, Tribune Co., emerged from bankruptcy protection in 2012. Instead, Tribune decided to hold on to the stake.
“Food Network is the strongest food media brand across the globe and continues to grow its footprint around the world,” said Scripps Networks chairman and CEO Ken Lowe in a statement. “We are very happy to be able to continue our long relationship with Tribune Media to grow this business for the long-term.”
According to Scripps Networks’ 10-Q quarterly financial statement filed with the Securities and Exchange Commission in August, the partnership was set to expire on Dec. 31.
“We’re extremely pleased to be extending our partnership with Scripps Networks Interactive for Food Network, which has become the gold standard for cable networks of all kinds,” said Tribune Media CEO Peter Liguori in a statement. “We look forward to continued success in the years ahead.”
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