Scripps Networks 2Q Profit Up on Ad Sales, Affiliate Fees

Iron Chef Scrippts

Food Network, HGTV show steady revenue growth in second quarter

Scripps Networks Interactive second second-quarter net income rose about 12.2% as ad sales and affiliate fees boosted performance for the owner of HGTV, Travel Channel and The Food Network.

Second quarter net income came to $159.7  million, or $1.08 per diluted share, compared with $142.4 million, or $.93 per diluted share, in the second quarter of 2012, the company said. Net income in the period increased by 12.2%.

Revenue for the quarter increased 11 %t to $665 million from the prior-year period. Results for the three-month period include advertising revenue of $462 million, up 11 %, and affiliate fee revenue of $189 million, up 11 % year over year.

At the company’s biggest segment, its cable-networks unit, revenue rose 9.5% to $647 million, the company said. Profit at the segment rose 12% to $348 million.

Among the company’s networks, its  GAC and Cooking Channel showed the most growth in operating revenue, with increases of  40.7% and 27.7%, respectively, to $7 million and $28 million. At Scripps’ more venerable outlets, HGTV and Food Network, operating revenue increased 13.1% and 2.8%, respectively, to $231.7 million and $224.5 million.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading