Scripps Networks debuts on New York Stock Exchange

Shares, trading under the symbol "SNI," added $1.87, or nearly 5 percent, to $40.22 in afternoon trading. Shares hit a low of $38.09 earlier in the session.

E.W. Scripps shareholders continue to own stock in both companies. All shareholders of record at June 16 received one share of Scripps Networks stock for each share of stock they own in E.W. Scripps.

Shareholders approved E.W. Scripps' plan to split into two companies earlier this month. Scripps Networks operates HGTV, Food Network, DIY Network, Fine Living Network and Great American Country Network along with comparison shopping services Shopzilla and uSwitch.

E.W. Scripps, meanwhile, owns 10 broadcast stations, newspapers in 15 U.S. markets and other media properties.

The board authorized management in October to pursue the separation.