Next generation food media company bolsters SNI's rapidly growing digital business
KNOXVILLE, Tenn., May 03, 2017 (GLOBE NEWSWIRE) -- Scripps Networks Interactive (Nasdaq:SNI) has reached an agreement to acquire leading millennial-focused media company Spoon University.
The deal will enable Scripps Networks Interactive to further strengthen its digital business in the food space. The acquisition will enable the company to enhance its digital content, marketing and technology capabilities, and provide Spoon University with the ability to grow into content sectors.
The acquisition of Spoon University underlines Scripps Networks' strategic focus on reaching new audiences and monetizing content on emerging digital platforms. The company launched digital content division Scripps Lifestyle Studios in December 2015, with a focus on increasing social media and online engagement. In 2016, Scripps Lifestyle Studios delivered more than 5 billion total video views across various digital platforms.
"Spoon University captures the grassroots passion for food and community that is so important to millennials today," said Kathleen Finch, Scripps Networks Interactive's Chief Programming, Content & Brand Officer. "Food Network has become a significant force in digital and social food storytelling over the course of the last year, and this acquisition will provide us with the opportunity to build content, community and brand as we seek to accelerate our strategy in the sector."
Spoon University was founded in 2013 by Mackenzie Barth and Sarah Adler, with 4 million consumers visiting its site every month and tens of millions more viewing its videos and interacting on social media. The New York-based company's content is provided by millennial communities of storytellers from around the world, with more than 8,000 creators in 200 chapters in the United States, Canada, India, and Europe. Over the last year, Spoon University has successfully partnered with Scripps Networks to develop regular content for Food Network's Snapchat channel.
"Food Network has always been a brand that we have looked up to, and over time we have seen that our teams share similar energy, curiosity and passion," said Mackenzie Barth, CEO and Co-Founder, Spoon University. "We couldn't be more excited to continue to build the Spoon brand alongside our new colleagues as part of the Scripps Networks Interactive organization."
"We started Spoon with the mission of using technology and community to build the ultimate food resource for millennials, and we're excited to pair that with Scripps Network Interactive's brand power to create new and exciting business opportunities," commented Sarah Adler, CTO and Co-Founder, Spoon University.
About Scripps Lifestyle Studios
Launched in December 2015, Scripps Lifestyle Studios is a digital business division of Scripps Networks Interactive, created to drive digital content innovation and advertising solutions. In 2016, Scripps Lifestyle Studios delivered over 5 billion total video views across various digital platforms and has achieved an average of 812 million video views and 356 million visitors across its platforms in the early months of 2017. Combining the digital content operations of HGTV, Food Network, Travel Channel, Cooking Channel, DIY Network, Great American Country, and Food.com, this full service editorial unit spearheads development of compelling lifestyle experiences across social media, apps, websites, third party offerings, and more. Scripps Lifestyle Studios operates physical locations through the Food Network Kitchen in New York and the HGTV Studio in Knoxville, Tennessee. For more information, visit scrippslifestylestudios.com.
About Spoon University
Spoon University is the leading food destination for millennials and gen Z, on a mission to make food make sense. Spoon launched in 2013 at Northwestern University after cofounders Mackenzie Barth and Sarah Adler discovered a need for a community platform that spoke directly to their generation. Since its inception, Spoon has exploded to 200 chapters with over 8,000 members creating content and hosting events that reach tens of millions of millennial food lovers each month. Follow Spoon on Instagram @spoonuniversity and see what students are cooking up on Snapchat @spoontv. Get more info at spoonuniversity.com.
Contact: Scripps Networks InteractiveInvestors: Mike Gallentine, firstname.lastname@example.org, (865) 560-4473Media: Dylan Jones, email@example.com, (865) 560-5068Kristin Alm, firstname.lastname@example.org, (865) 560-4316
Scripps Networks Interactive, Inc.