Revenue grew 10% to $553 million
Scripps Networks Interactive, parent of the Food Network and one of the last independent cable network groups, said profits last quarter rose nearly 15% to $178 million driven by higher advertising and affiliate fees.Revenue grew 10% to $553 million. The Knoxville, Tenn. company cited an 11% jump in ad revenue to $394 million and affiliate fees of $147 million, up 5.7%. Expenses rose 6% to $296 million on higher programming amortization expense and fees related to investment in its UKTV deal. Among the nets, flagship Food Network saw revenues of $204 million, up 15%; HGTV had revenue of $191 million, up 8.1%; Travel Channel revenue dipped 1.4% to $67 million; DIY Network jumped 18% to $27 million; Cooking Channel, was up 14% at $17.8 million; and Great American Country fell 15% to $6.6 million. Revenue from digital businesses, including branded websites, rose 4.1% to $30.4 million. For 2012, Scripps said it sees total revenue rising 8-10%. It predicted programming expenses will rise 13-15%, with marketing and investment spending up 10-12%.