30 April 2011
The Long Shopzilla Nightmare is over for Scripps
E.W. Scripps bought Shopzilla in 2005 for $525 million. After a spin-off from its parent, the new Scripps Networks Interactive wrote down $244 million on the purchase in 4Q08. SNI said that Shopzilla was "poised for growth" when it reported its 3Q10 financial results. On 29 April 2011, however, it announced it had agreed to sell Shopzilla for $165 million to a private equity firm, Symphony Technology Group. Ouch.