Jewelry Television acquires Shop At Home Network assets
With The E.W. Scripps Co. just over a week away from pulling the plug on its relationship with TV and web retailer Shop At Home Network, the company has found a buyer for the assets.
Jewelry Television, a unit of America’s Collectible Networks Inc. and No. 183 in the Internet Retailer Top 500 Guide to Retail Web Sites, will pay Scripps $17 million for various fixed assets, including Shop At Home’s building and real estate, satellite uplink facilities, information technology systems, the network’s call center, web site and production studios.
Jewelry Television also intends to assume a number of agreements that Shop At Home has with broadcast television stations and operators of cable and satellite television systems to carry the network’s programming.
The transaction is expected to be completed by the end of the month. As a result of the Jewelry Television transaction, Scripps is revising the estimated charge it expects to record during the second quarter related to closing down the Shop At Home operation. The company now expects to record an after-tax charge of between $35 million and $45 million compared with the previously anticipated charge of up to $60 million.
Back...
