By John Eckberg
The Cincinnati Enquirer

Years of robust revenue from cable TV offerings such as Home & Garden Television and the Food Network have set the table for a first-ever stock split for Cincinnati-based media giant E.W. Scripps Co.

The company announced Friday that its board of directors has voted to amend the company's articles of incorporation to double the number of both class A common voting shares and common voting shares, to allow for a 2-for-1 split.

"The stock went above $100 a share for the first time since the company went public in 1988," said Timothy Stautberg, Scripps' vice president of communications and investor relations.

"The board wants to make the share price more affordable for retail investors," he said.

The vote on the 2-for-1 stock split could come after a July 15 special meeting of common voting shareholders. The family-controlled Edward W. Scripps Trust holds about 87 percent of the common voting shares.

"Given the continued performance of the company assets and corresponding increase in stock price, the split was inevitable," said John Janedis, research analyst at Banc of America Securities.

"At the end of the day, what's changing is that more shares are accessible to retail clients, and it increases the liquidity of shares."

The proposal would result in 240 million class A common shares and 60 million common voting shares; although there is no active market for the common voting shares. The current authorization is 120 million and 30 million shares, respectively.

The board also boosted the company's quarterly dividend from 17.5 cents to 20 cents per share. It is payable June 10 to shareholders of record on May 31.

Scripps Networks - HGTV, DIY, the Food Network and the upscale Fine Living - has been a money machine for the company. The networks generated revenue of $535 million in 2003, up from $415 million in 2002 and more than double the $213 million generated in 1999.

Scripps also operates 21 daily newspapers, including The Cincinnati Post, 10 broadcast TV stations, and a television retailing network.

Scripps shares closed Friday at $105.55, down 95 cents.

E-mail jeckerg@enquirer.com