Reuters
03 May 2017

Scripps Networks Interactive said it has agreed to buy online food publication Spoon University, a startup it hopes will give its flagship cable channel, the Food Network, a foothold with younger audiences.

Media companies and cable network owners such as Scripps have been searching for some time for ways to reach and hold onto younger audiences who spend most of their time online and do not watch traditional television.

Comcast Corp CMCSCA.O, for example, has invested hundreds of millions in media startups such as Buzzfeed and Vox Media, while Univision bought Gawker and The Onion last year.

Spoon University is being valued at roughly $10 million in the deal, according to a source familiar with the matter, who asked not to be named because terms of the deal were not publicly disclosed.

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