Family's next generation will control Scripps Networks Interactive
All of the assets of the trust, including Class A Common Shares and Common Voting Shares of Scripps Networks Interactive, will be distributed to certain descendants of
Certain surviving trust beneficiaries, and certain members of the
The Scripps Family Agreement also sets forth a process for the family to vote its shares on company matters, including the election of directors. Two of Edward W. Scripps' great-grandchildren, Nackey E. Scagliotti and
The trust beneficiaries have been meeting annually since the early 1990s in preparation for the termination of the trust and the distribution of its assets.
The distribution of the trust's assets, however, will not occur immediately, pending customary legal proceedings.
In 2011, the Trustees of the Trust filed a Petition for Instructions and Declaratory Relief with an Ohio Probate Court that seeks (i) to prepare for the administration of the Trust following its eventual termination, (ii) to determine the identities of named beneficiaries and the identities of others who may be entitled to distributions from the Trust, (iii) to authorize, subject to clause (iv) below, the Trustees to continue the investment and management of the Trust's assets during the period between Trust termination and final distribution of assets ("winding-up period"), (iv) to authorize the Trustees to vote the Common Voting Shares of the Company during the winding-up period in accordance with the procedures set forth in the Scripps Family Agreement and (v) to confirm the Trustees' views on a number of other issues. The Petition was filed under seal in accordance with
"Scripps Networks Interactive and its shareholders benefit from a strong and mutually beneficial partnership with the Scripps family," said
"This is a difficult and emotional time for our family as the final member of our parents' generation has passed into history," Mrs. Scagliotti said. "Our commitment to Scripps Networks Interactive and its shareholders, however, continues unaltered. Scripps Networks Interactive is a vibrant and growing company and we, as a family, are proud of its many accomplishments and support its mission of delivering top quality lifestyle content across a growing range of media platforms."
The eldest child of
"Bob Scripps was a profoundly wise and generous man who left a clear imprint on the company his grandfather created and in all of the communities it serves," said Lowe, who served eight years as president and chief executive officer of The
In addition to business leadership,
Scripps started in the family business during the depression when he "ran calculators" at the
After the war, Scripps returned to farming, but he remained active in family businesses. He frequently traveled to
"More than just a generous philanthropist, Bob made his giving durable by helping us expand the reach and influence of our grants," said
His other interests ranged from commercial beekeeping to steamboats, a side business begun decades ago when he started making steam engines that he sold to other hobbyists. He had his own steamboat on a lake near
In 1948, Scripps married the former
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 popular lifestyle television and Internet brands HGTV,
Scripps Networks Interactive, Inc.
Mark Kroeger, 865-560-5007