Scripps observes 125th anniversary by ringing opening bell at NYSE
Wed, October 22, 2003 by Mark Kroeger
NEW YORK – Kenneth W. Lowe, president and chief executive officer of The E. W. Scripps Company, celebrity chef Emeril Lagasse and pop culture icon, Snoopy of PEANUTS fame, will observe the company’s 125th anniversary tomorrow by presiding over the opening bell ceremony at the New York Stock Exchange.The exchange’s opening bell ceremony is generally telecast live nationwide at 9:30 a.m. on most financial news networks, including CNBC, CNNfn and Bloomberg. “Scripps has prospered for 125 years by keeping alive the entrepreneurial tradition on which E. W. Scripps founded his company,” Lowe said. “As media has changed over the years, so has Scripps. This company has consistently turned challenges into opportunities over the years and has stayed at the forefront of innovation and creativity in our industry. As a result, Scripps today is one of the country’s most dynamic diversified media companies.”Scripps was founded in 1878 by entrepreneur and newspaper publishing magnate E. W. Scripps, who, with $10,000 borrowed from his brothers, started The Penny Press in Cleveland. Today, The E. W. Scripps Company is one of the country’s largest diversified media companies, with annual revenues exceeding $1.5 billion, about 8,500 employees nationwide and 43 local and national media businesses.The company’s Class A Common Shares have been publicly traded since 1988. The company’s shares have been traded on the New York Stock Exchange since 1991. The descendants of the company’s founder maintain control of the company through The Edward W. Scripps Trust, the single largest shareholder of the company’s Class A shares. The trust also holds a significant majority of the company’s Common Voting class of stock, for which there is no public market.Emeril is participating in the opening bell ceremony representing the Food Network, which is 70 percent owned by Scripps and operated by the company’s Scripps Networks cable and satellite television programming division. Other popular Scripps Networks brands include Home & Garden Television, DIY – Do It Yourself Network and Fine Living.Home & Garden and Food Network each can be seen in about 82 million U.S. television households. DIY is currently available in 23 million homes and Fine Living reaches about 19 million households. Scripps Networks Web sites include FoodNetwork.com, hgtv.com, DIYnetwork.com and fineliving.com. Scripps Networks programming can be seen in 33 countries. Snoopy is representing United Media, the company’s licensing and syndication subsidiary, which has distributed the PEANUTS comic strip since 1950. Other United Media properties include America’s workplace icon, DILBERT, the For Better or For Worse comic strip and characters and world renowned intellectual properties including Raggedy Ann and Andy, Precious Moments and Beatrix Potter books and characters.Scripps also operates 21 daily newspapers from coast to coast, including the Rocky Mountain News in Denver, The Commercial Appeal in Memphis and the Knoxville (Tenn.) News Sentinel. The company’s Scripps Howard News Service, based in Washington D.C., provides news and features to more than 400 newspaper clients nationwide.The 10 Scripps broadcast television stations reach 10 percent of all U.S. television households and are concentrated in the country’s top 50 markets. Scripps television stations include WXYZ in Detroit, WEWS in Cleveland and WCPO in Cincinnati.The company’s home shopping subsidiary, Shop At Home Network, markets a growing range of consumer goods directly to television viewers and visitors to the Shop At Home Web site, shopathometv.com. Shop At Home reaches about 44 million full-time equivalent U.S. households.All of the company’s media businesses provide content and advertising services via the Internet.