Cincinnati, Ohio - Media conglomerate The E.W. Scripps Company, which owns a range of newspapers, radio stations, TV and cable networks, and websites, announced on Tuesday a plan to split into two public companies -- one for its national lifestyle media brands, and the other for its local media franchises.

After the separation, The E.W. Scripps Company will be comprised of the firm's newspapers, broadcast TV stations, United Media syndication business and Scripps Media Center.

The other company, Scripps Networks Interactive, will include the company's Scripps Networks stable of cable networks -- including HGTV, Food Network and DIY Network -- in addition to its Internet businesses, which include websites for its networks and comparison shopping sites Shopzilla and uSwitch.

The proposed separation, expected to be completed in the second quarter of 2008, would take the form of a tax-free dividend of stock in Scripps Networks Interactive distributed to all Scripps shareholders on a pro-rata basis.

Current Scripps president and CEO Kenneth W. Lowe is expected to become president and CEO of Scripps Networks Interactive, while Scripps EVP and COO Richard A. Boehne will become president and CEO of The E.W. Scripps Company.

The transaction still requires approval from the company's board and shareholders.

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