UPDATE: ISI Group Initiates Coverage on Scripps Networks on Brand Extension, High Programming Spending

In a report published Wednesday, ISI Group analyst Vijay Jayant initiated coverage on Scripps Networks Interactive (NYSE: SNI ) with a Neutral rating and $79.00 price target. In the report, ISI Group noted, “We are initiating coverage of Scripps Networks Interactive (SNI) shares with a Neutral rating and a $79