Scripps Reports Q3 Gains

CINCINNATI: Revenues at Scripps Networks Interactive gained 32 percent in the second quarter to $516 million, led by strong gains at HGTV, Food Network and Travel Channel, delivering an improved profit of $106 million.

“Scripps Networks Interactive had an outstanding second quarter, benefiting from robust affiliate revenue growth and the strong advertising marketplace, particularly for our targeted lifestyle television networks,” said Kenneth W. Lowe, the chairman, president and CEO of the company. “Food Network, HGTV and Travel Channel all contributed to the solid quarter, delivering growing and engaged audiences thanks to standout programming hits like Next Food Network Star, HGTV Design Star and Man v. Food.”

Lowe continued, “Our newly rebranded Cooking Channel, launched May 31, is off to a positive start, delivering a considerably larger audience and higher ad revenues than Fine Living Network was at this time last year. The wisdom of launching a flanker network targeting the popular television food genre is evident in the solid operating results the brand has achieved since going on the air. Scripps Networks Interactive is delivering on its promise to be a leading provider of lifestyle content in the home, food and travel categories, as well as being the leader in country music television programming. Our networks consistently distinguish themselves with their ability to deliver engaged audiences and provide valuable marketing platforms for our advertising and distribution customers.”

The company’s channels delivered total revenues of $475 million, up 36 percent, with a 73-percent hike in affiliate fee revenues to $139 million and a 27-percent increase in ad revenues to $331 million. Segment profit was $237 million. The company is forecasting losses of between $11 million and $16 million on its international business this year.