Scripps sells uSwitch to Forward Internet Group – updated

The Fusion Team have completed over 70 digital and media transactions for its private, corporate and private equity clients. For more information contact pkelly@fusioncorp.co.uk or visit our website
 
ACQUISITION  – UPDATED ENTRY
FDN Database Reference:  F231109-280

According to their SEC Form 10-K  and first reported on PaidContent today, the cash portion of the sale was around $10 million. Scripps Networks Interactive bought the site three years ago for $366 million.

However, the filing also reads, “The gain on the uSwitch divestiture reflects the recognition of $44.4 million in foreign currency translation gains that were previously recognized in equity as a component of accumulated other comprehensive income (loss). The foreign currency translation gains was partially offset by a $6.8 million charge recorded for lease obligations we retained in the sale and a $8.9 million loss that was recognized on the sale of uSwitch’s net assets. Operating results of our discontinued operations in 2007 include a non-cash charge of $411 million to write-down uSwitch’s goodwill and intangible assets”.

Original Fusion DigiNet entry
1st January 2010

Acquirer:  Forward Internet Group
ACQ Web:  http://www.forward.co.uk
Location:  United Kingdom, London
Region:  Europe
Description:  Forward3D is the group’s 3D search agency (formerly known as TrafficBroker) and Forward Innovations the consumer division which focuses on price comparison and switching and includes uSwitch.com, InvisibleHand and Omio.
Category:  Media, Search, Price Comparison
Contact 1:  Neil Hutchinson, CEO  
 
Vendor:  Scripps Networks Interactive
Vendor Web:  Rob Murphy, Finance Director
Location:  USA, Knoxville, Tennessee
Region:  North America
Description:  Lifestyle content for television and the Internet
Category: Media
Contact:  Richard A. Boehne,  Director, President and Chief Executive Officer
 
Aprox. Value:  Undisclosed
 
Details:  Forward has acquired uSwitch.com, the independent price comparison and switching service, for an undisclosed sum. Forward has also changed its name from TrafficBroker as the company changes from being a search agency to an internet group.Forward’s annual revenues will exceed £55m in 2009. uSwitch.com will go into the consumer division, Forward Innovations, alongside InvisibleHand and Omio.
 
Link: Press Release

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