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"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," said Joseph G. NeCastro, executive vice president and chief financial officer for Scripps Networks Interactive. NeCastro has operational responsibility for the company's Interactive Services business segment, which includes uSwitch.
"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," NeCastro said. "Further, the success our team at uSwitch has had positioning its energy-switching business for future growth makes this precisely the right time to pursue a transaction."
Founded in 2000 following the deregulation of energy supplies in the U.K., uSwitch has grown to become the United Kingdom's leading destination for consumers seeking the best rates for electricity and natural gas services. uSwitch also has expanded its price comparison and switching product offerings into other service categories, including personal finance, auto insurance and telecommunications.
Recently redesigned and improved, uSwitch helps its customers save time and money by providing them with an intuitive, easy-to-use interactive price comparison tool. Based on personal energy consumption data that customers provide, uSwitch easily identifies for consumers which energy provider can deliver the most economical service.
Scripps Networks Interactive has engaged the investment banking firm of Allen & Company to assist in its search for a qualified buyer for uSwitch.
No timetable for completion of a transaction has been established.
uSwitch is one of two online subsidiaries that comprise the Interactive Services business segment at Scripps Networks Interactive. The other subsidiary is Shopzilla, which includes its related online comparison shopping brand, BizRate.
The decision to seek a buyer for uSwitch has no bearing on Shopzilla, which the company will continue to operate. Shopzilla is in the process of executing competitive repositioning, including enhancing the comprehensiveness of product content on the Web site, improving the overall consumer experience and increasing its focus on measurable returns on investment for participating online merchants.
About Scripps Networks Interactive
Scripps Networks Interactive Inc. is the leading developer of lifestyle-oriented content for television and the Internet, where on-air programming is complemented with online video, social media and e-commerce on companion Web sites and broadband vertical channels. The company's media portfolio includes: Lifestyle Media, with popular lifestyle television and Internet brands HGTV, Food Network, DIY Network, Fine Living Network (FLN) and country music network Great American Country (GAC); and Interactive Services, with leading online search and comparison shopping services BizRate, Shopzilla and uSwitch.
SOURCE Scripps Networks Interactive Inc.
http://www.scrippsnetworksinteractive.com
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