EW Scripps Co. announced last week that it's shutting down its Shop At Home network because of ongoing operating losses and the absence of a suitable buyer for the business.
The company said it would take an after-tax loss in the second quarter of up to $60 million for the shutdown, Reuters reported.
Scripps, a broadcaster and newspaper publisher, will stop broadcasting the Shop At Home TV network and close its Web site June 22.
The network's 660 full-time employees will receive severance packages and “a range of career transition services,” Scripps said in a statement. The company said it is exploring programming alternatives for the five Shop At Home affiliates it acquired in 2004 while it seeks buyers for the stations.
Scripps acquired a controlling interest in Shop At Home in 2002, and bought the remaining interest in 2004 for a about $285 million. The network has incurred $84 million in losses since 2002.
