Time magazine's Feb. 23 edition carries a list of "25 People to Blame" for the collapsing economy, describing "The good intentions, bad managers and greed behind the meltdown."
Among the 25 is Burton Jablin, described as "programming czar" of Scripps Networks Interactive which owns HGTV and other lifestyle channels.
Scripps Networks' Burton Jablin is among those to blame for the financial crisis, according to Time. |
"His shows pumped air into the real estate froth by teaching us how to extract value from our homes," says the article, which shows pictures of the 25.
Programs such as "Designed to Sell," "House Hunters" and "My House Is Worth What?" created "addicted audiences," says the story. Blame is also put on other shows such as "Flip That House" (TLC) and "Flip This House" (A&E).
"No one on these shows ever seemed to lose a dollar, giving the housing game too much glamour and gusto," said Time.
SNI Has No Comment
HGTV's Gary McCormick, who is chair-elect of the PR Society, reached by telephone, said the ones at SNI who might comment are Cindy McConkey, senior VP-communications, SNI, or Audrey Adlam, VP-communications and partnership marketing, HGTV. After speaking with one or both of them, he called back to say there would be no comment from the company on the story.
Gary McCormick |
The "25" include former Federal Reserve chair Alan Greenspan; Christopher Cox, former SEC chair; former president Bill Clinton; Stan O’Neal, former CEO of Merrill Lynch, and Sandy Weill, former CEO of Citigroup.
McCormick, who is scheduled to be chair of the PR Society next year, is director of partnership development at HGTV. His duties include increasing affiliate fees and building relationships with multiple system operators (MSOs). He also writes press releases and handles special events and talent appearances.
SNI Was Spun Off from Scripps
SNI, cable TV and online operations including HGTV, Food Network, Food Network, DIY (do-it-yourself), Fine Living and Great American Country, was spun off from Scripps (newspapers) last year.
SNI at that time was trading at $40 a share. Today’s price is about $20 (52-week spread of $44.98-$19.81). SSP (Scripps newspapers) was trading at $7.27 after the spin-off. Today’s price is $1.59 (52-week spread of $1.49-$147.78).
HGTV last year was the big money-maker at SNI, grossing $171M in the second quarter, up 12.9%. Gross of all operations for the second quarter was $350M.
SNI earlier this month took a $244M non-cash charge against earnings for impairment of goodwill against Shopzilla, online shopping service. Scripps had purchased Shopzilla for $525M in 2005.
The Lifestyle Media segment of SNI, which includes HGTV, Food Network and SN Digital, had revenues of $340M in the fourth quarter vs. $317M in the year earlier quarter. |