Scripps Networks Interactive’s second quarter earnings rose, driven by gains in advertising and affiliate revenue.
Net income rose 19% to $128 million, or 87 cents a share, from $108 million, or 72 cents a share. Last year’s earnings include a tax adjustment that reduced earnings by 5 cents a share.
Revenues rose 8% to $6.44 million. Advertising revenue was up 10% to $434 million and affiliate revenue rose 7% to $201 million.
“Scripps Networks Interactive once again delivered strong results demonstrating the strength of our lifestyle brands as valuable advertising platforms,” CEO Ken Lowe (pictured) said in a statement. “We continue to balance investment in our brands by developing compelling content that engages millions of media consumers across a range of platforms and geographies. This has established Scripps Networks Interactive as the leader in influencing consumer purchasing decisions in the home, food and travel categories.”
Profits at the company’s lifestyle networks rose 10.8% to $311 million. Revenues increase 8% to $623 million. Advertising revenue rose 9 million to $426 million and affiliate fee revenue rose 6% to $190 million.
Operating revenues for Food Network were up 5.5% to $219 million; HGTV was up 10.6% to $227 million and Travel Channel was up 4% to $80 million.
Scripps Networks’ smaller channels also saw gains, with DIY up 10.6% to $35 million, Cooking Channel rising 8.1% to $28 million, and Great American Country up 10.9% to $7 million.
The company’s digital businesses were up 5.9% to $24 million.
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