Scripps Networks Interactive, parent of Food Network, HGTV and The Travel Channel, said strong advertising and affiliate revenue boosted profit last quarter despite hefty programming costs.
Net profit rose to $115 million from $101 million. Revenue rose 11% to $535 million.
Ad revenue jumped 10% to $356 million. Affiliate revenue grew 16% to $168 million.
Expenses for the quarter ended in March increased 17% from the prior year to $296 million, driven by higher programming expenses and international and start-up costs for new projects.
”The tremendous popularity of our lifestyle television networks, and the strong relationships we’ve forged with media consumers, advertisers and content distributors, drove our excellent first-quarter operating results,” said Scripps chairman-CEO Kenneth Lowe
. ”The competitive advantage we’ve established for ourselves in the home, food and travel content categories underpins the company’s continued growth and the value we’re creating for our shareholders.”
Food Network revenue was $199 million, up 14%; HGTV was $186 million, up 8.4%; Travel Channel was $66.6 million, up 7.4%; DIY Network
was $27.6 million, up 18%; Cooking Channel
was $19.8 million, up 30%; and Great American Country (GAC) was $5 million, down 23%.
Revenue from the company’s digital businesses, which includes its network-branded websites, was $22.4 million, up 16%.