Friday, April 29, 2011
Shopzilla Sold To Symphony Technology Group
Los Angeles-based Shopzilla, the online comparison shopping site owned by Scripps Networks Interactive, has been sold to private equity firm Symphony Technology Group. Scripps said that Symphony will pay $165M to acquire all of the outstanding shares of Shopzilla, made up of $150M in cash plus $16M in deferred payments. The firms said that Symphony Technology Group would continue and accelerate the growth of Shopzilla. Scripps said that Shopzilla's "mission and future trajectory diverge" from the firm's focus on lifestyle media brands. Scripps bought Shopzilla in 2005 for $525M.