Scripps Networks Interactive Profit Drops 4.5% in Third Quarter
Scripps Networks Interactive reported mixed third-quarter financials on Thursday as revenue rose, but earnings declined slightly on higher expenses for new shows launched by the firm's networks.
The cable networks company behind such channels as HGTV and Food Network posted earnings of $130.0 million, compared with $136.1 million in the year-ago period, down 4.5 percent.
Revenue rose 7.9 percent to $504 million as advertising revenue increased 8.6 percent and affiliate fee revenue climbed 6.1 percent. But expenses jumped 14 percent, cutting into the bottom line. The company has this year launched new shows to boost its ratings.