Scripps Networks Interactive Selling Shopzilla To Symphony Technology Group

Scripps Networks Interactive Inc SNI entered into a definitive agreement to sell Shopzilla Inc. to Symphony Technology Group (STG). STG will buy all of the outstanding shares of Shopzilla for $165 million. Joseph G. NeCastro, chief financial and administrative officer for Scripps Network Interactive said, “While we believe that Shopzilla has strong growth potential in the online retail space, its mission and future trajectory diverge from SNI's focus on lifestyle media brands.” NeCastro added, “The best way to create the most value for both parties was for Shopzilla to find a new partner and for SNI to continue to focus on its core. We believe STG will be a strong partner and will enable Shopzilla to accelerate its growth.” Scripps Networks Interactive projects the deal to close on or around May 31, 2011. SNI shares gained 0.44% to close at $50.02 yesterday. Read more from Benzinga's Company news.