Scripps Cable Nets Feasts On Higher Revs
Scripps Networks Interactive's big cable networks -- HGTV and Food Network -- grabbed double-digit percentage increases in advertising sales in the second quarter. Advertising revenue grew 13% to $374 million.
That was the good news. Scripps net income slipped 27% to $77.4 million after it completed the sale of Shopzilla during the reporting period. But earnings from continuing operations moved up 33% to $177.3 million. All revenue grew 12% to $534 million, a little more than analysts were predicting.
Overall, revenue from the cable networks -- advertising and affiliate fees -- also moved higher -- adding 11%. Food Network climbed 8.2% to $182 million, with HGTV revenue improving 8.9% to $189 million. Both networks have 100 million subscribers each.
Other channels: revenue at Travel Channel, with 96 million subscribers, improved 15% to $70.3 million. DIY Network, which can be seen in 54 million homes, grew 27% to $29 million; Cooking Channel, which took over from Fine Living Network, earned 58 million subscribers and climbed 17% to $15.9 million in revenue.
The only under-performing network, Great American Country, which can be seen in 60 million homes, dropped 31% to $5.9 million.
Revenue from the company's digital businesses, which include its network-branded Web sites, grew 28% to $27.4 million.