Scripps Networks Interactive Announces $1B Share Repurchase Program

Scripps Networks Interactive Inc. SNI announced that its Board of Directors has authorized a $1 billion share repurchase program. As part of this program, the company agreed to repurchase 6,430,027 shares of its Class A Common Shares for approximately $300 million, or $46.66 per share, from The Edward W. Scripps Trust, the company's controlling shareholder. The remaining $700 million authorization is for the general repurchase of Class A Common Shares on the open market or through private transactions. The timing of purchases for the authorization will be based on market conditions and other factors. The share repurchase program announced today replaces the board's previous 5-million share authorization approved in 2008.