"Forward Internet Group fully appreciates the value of the uSwitch.com brand," said Joseph G. NeCastro, executive vice president and chief financial officer for Scripps Networks Interactive. "We're confident that they'll fully maximize uSwitch's market-leading position for energy switching in the United Kingdom as well as lead the brand into exciting new areas."
uSwitch.com was founded in 2000 and has grown to become the UK's leading destination for consumers seeking the best rates for electricity and natural gas services. uSwitch.com has also expanded its price comparison and switching product offerings into other service categories including personal finance, insurance and telecommunication services. The brand celebrates its 10th anniversary in 2010.
Scripps Networks Interactive acquired uSwitch.com in 2006. In 2008, Alan Tattersall was appointed CEO to refocus the business and restore profitability. Having successfully led the sale to its completion, Tattersall will step down as CEO to pursue other opportunities.
Scripps Networks Interactive will continue to operate online shopping comparison sites BizRate and Shopzilla in the United States.
The sale of uSwitch.com was conducted by the investment banking firm of Allen & Company.
uSwitch.com is a free, impartial online and telephone-based comparison and switching service, helping consumers compare prices on gas, electricity, water, heating cover, home telephone, broadband, digital television, mobile phones, personal finance products and car insurance.
About Scripps Networks Interactive
Scripps Networks Interactive is one of the leading developers of lifestyle-oriented content for television and the Internet, where on-air programming is complemented with online video, social media areas and e-commerce components on companion Web sites and broadband vertical channels. The company's media portfolio includes: Lifestyle Media, with popular lifestyle television and Internet brands HGTV, Food Network, DIY Network, Fine Living Network (FLN) and country music network Great American Country; and Interactive Services, with leading online search and comparison shopping services BizRate and Shopzilla.
SOURCE: Scripps Networks Interactive Inc.