E.W. Scripps to divide operations

E.W. Scripps Co. said Tuesday that it planned to split into two publicly traded media companies, one focusing on its cable operations and online shopping services and the other on its newspaper business and television stations.

Scripps stock jumped after the announcement. Under the plan, Scripps shareholders would receive stock in Scripps Networks in the form of a tax-free dividend.

Scripps Networks Interactive would include HGTV, the Food Network, DIY Network, Fine Living Television Network and Great American Country and online comparison shopping services Shopzilla and uSwitch.

E.W. Scripps Co. would include newspapers in 17 U.S. markets, 10 broadcast TV stations, Scripps Media Center in Washington and a character licensing and feature syndication business operated by United Media.

Scripps stock jumped $3.65, or 8.6%, to $45.93.