Scripps Cable Nets Record Strong Q3 Results
Scripps Networks Interactive -- home to the Food Network, HGTV and the Travel Channel -- posted strong third-quarter financial results, including steady advertising gains.
Advertising revenue climbed 9.2% to $374 million, with network affiliate fees rising 15% to $168 million.
In overall revenue, Food Network and HGTV continue to be two big performing networks, with Food climbing 10.5% during the period to nearly $199 million and HGTV up 8.1% to $195 million.
Travel Channel also grew -- albeit less than half the bigger channels totals -- up 10.1% to almost $69 million. DIY Network soared some 26% to just under $30 million; Cooking Channel witnessed the group's biggest gain -- 30.5% --going to $21.6 million; and GAC (Great American Country), was up 14.5% to almost $7 million.
All of Scripps digital businesses witnessed a 12.3% rise to $27.7 million. Overall, Scripps revenue witnessed a 15% climb to $566 million, with net income up 20.6% to $156.8 million.
Scripps cable networks have been part of discussion of a possible sale to a major media company. Another cable channel news network, Current, says it is exploring possible buyout possibilities.
In early Thursday stock-market trading, Scripps Networks were up 3.8% to $63.00 a share.