Scripps Completes uSwitch Sale
U.K-Based Subsidiary Sold To Forward Internet Group
Mike Farrell -- Multichannel News, 12/23/2009 3:04:05 PM
Scripps Networks Interactive said Wednesday that it has completed the sale of its United Kingdom-based subsidiary uSwitch.com to Forward Internet Group for an undisclosed sum.
Scripps has been trying to sell uSwitch, which allows consumers to compare energy prices and services, since June. Founded in 2000, uSwitch allows consumers to seek the best rates for electricity and natural gas service in the United Kingdom's deregulated energy market. In 2001 it expanded its reach to include price comparisons for personal finance, insurance and telecommunications services.
Scripps acquired uSwitch in 2006 for about $366 million and in 2008 promoted uSwitch marketing director Alan Tattersall to CEO. Having achieved his goal of selling the company, Tattersall will step down to pursue other opportunities, the company said in a statement.
Investment banker Allen & Co. conducted the uSwitch sale. Scripps will continue to operate its online shopping comparison sites BizRate and Shopzilla in the United States.