You will be redirected back to your article in seconds

HSN posts 3rd-qtr. gain

NEW YORK — Barry Diller’s HSN Inc., in the middle of several deals that are transforming the company, reported third-quarter earnings of $3.5 million Wednesday compared with a loss of $371,000 a year earlier.

HSN announced last month plans to buy Universal Studio’s television business for $4.075 billion in cash and stock. That deal won’t be completed until early next year, however.

But the third-quarter results reflect other deals that HSN has done as it evolves into a broad-based entertainment company, including last December’s merger of Home Shopping Network, Savoy Pictures Entertainment and Silver King Communications Inc., and July’s acquisition of 50.1% of Ticketmaster Group.

Adjusted for the timing of these acquisitions, HSN’s performance was even better in the third quarter, with the bottom line swinging from a loss of $1.4 million to a profit of $3.3 million. HSN stock dropped 50¢ to $37.87.

Driving the result was the Home Shopping Network, which increased earnings before interest, taxes, depreciation and amortization (cash flow) 3.9% to $35.3 million on 2.4% higher sales of $240 million. For the first nine months, the network’s cash flow is up 35.4% to $122.6 million on 2.5% higher sales of $752.4 million.

HSN vice chairman James Held, who runs the shopping network, said the improvement reflects “our continued success in managing the fundamentals of the core electronic retailing business.”

Ticketmaster’s revenue rose 9.5% to $88.2 million while broadcasting revenue, from Silver King and Savoy stations, fell slightly to $12.8 million as a result of the closure earlier this year of the Telemation video production unit. HSN did not break out cash flow for either Ticketmaster or the broadcasting group.

More TV

  • Steve Edwards Good Day LA

    Veteran Anchor Steve Edwards Out at 'Good Day L.A.'

    NEW YORK — Barry Diller’s HSN Inc., in the middle of several deals that are transforming the company, reported third-quarter earnings of $3.5 million Wednesday compared with a loss of $371,000 a year earlier. HSN announced last month plans to buy Universal Studio’s television business for $4.075 billion in cash and stock. That deal won’t […]

  • Rupert Murdoch Bob Iger Disney Fox

    Disney Nearing Finish Line With 21st Century Fox as Comcast Bows Out of Acquisition Hunt

    NEW YORK — Barry Diller’s HSN Inc., in the middle of several deals that are transforming the company, reported third-quarter earnings of $3.5 million Wednesday compared with a loss of $371,000 a year earlier. HSN announced last month plans to buy Universal Studio’s television business for $4.075 billion in cash and stock. That deal won’t […]

  • Kenya Barris Alec Baldwin

    ABC Gives Straight-to-Series Order to Comedy From Kenya Barris, Alec Baldwin, Julie Bean

    NEW YORK — Barry Diller’s HSN Inc., in the middle of several deals that are transforming the company, reported third-quarter earnings of $3.5 million Wednesday compared with a loss of $371,000 a year earlier. HSN announced last month plans to buy Universal Studio’s television business for $4.075 billion in cash and stock. That deal won’t […]

  • Golden Globe Nominations: Good News and

    Golden Globes Nominations: At Least It Was a Good Year for Strong Female Roles

    NEW YORK — Barry Diller’s HSN Inc., in the middle of several deals that are transforming the company, reported third-quarter earnings of $3.5 million Wednesday compared with a loss of $371,000 a year earlier. HSN announced last month plans to buy Universal Studio’s television business for $4.075 billion in cash and stock. That deal won’t […]

  • Best New Shows 2017: 'Big Little

    The Best New Shows of 2017

    NEW YORK — Barry Diller’s HSN Inc., in the middle of several deals that are transforming the company, reported third-quarter earnings of $3.5 million Wednesday compared with a loss of $371,000 a year earlier. HSN announced last month plans to buy Universal Studio’s television business for $4.075 billion in cash and stock. That deal won’t […]

  • Ballers Season 2 HBO

    'Ballers,' Ridley Scott's 'Strange Angel' Selected for California Production Tax Credits

    NEW YORK — Barry Diller’s HSN Inc., in the middle of several deals that are transforming the company, reported third-quarter earnings of $3.5 million Wednesday compared with a loss of $371,000 a year earlier. HSN announced last month plans to buy Universal Studio’s television business for $4.075 billion in cash and stock. That deal won’t […]

More From Our Brands

Access exclusive content