Scripps Networks Acquires RealGravity
In a brief press announcement, Scripps Networks Interactive announced that it has acquired RealGravity. Based in Knoxville, Tennessee, Scripps is a leader in cable lifestyle programming, and own all or part of HGTV, Food Network, Travel Channel, DIY Network, and more. RealGravity includes an online video platform, a content exchange, and an advertising marketplace. It has employees in Los Angeles and San Francisco, California.
Scripps says it acquired RealGravity to enhance the digital video side of its lifestyle content business. Terms of the acquisition were not given. The RealGravity executive team will be staying on with the company and will be keeping their California offices. RealGravity will continue to operate as before, but will be absorbed into Scripps Networks.
According to a source with inside knowledge of the deal, RealGravity had not been shopping for a buyer. The two companies first made contact when RealGravity tried to gain Scripps as a customer. Scripps saw that acquiring RealGravity would give it a competitive advantage in digital distribution and enhance its digital video capabilities.
Scripps Networks Interactive began in July, 2008, when it was spun out of the E.W. Scripps Company. It has over 2,000 employees. RealGravity was founded in 2009. Besides its founders, it has 10 employees.
Content creators, publishers, and advertisers can use the market to reach a larger audience.