Scripps Networks Third-Quarter Financials Improve
Both advertising and affiliate fee revenue hit double-digit growth for the operator of such cable networks as HGTV and Food Network.
Scripps Networks Interactive on Thursday reported revenue growth in the third quarter that beat analyst expectations.
Revenue came in at $566 million, up 12 percent from the previous year's same three-month period.
The company's lifestyle TV channels all reported strong results in advertising and affiliate fees. Food Network had $199 million in revenue, up 11 percent. HGTV had $195 million, up 8.1 percent. Travel Channel reported $68.9 million in revenue, up 10 percent. Additionally, DIY Network, the Cooking Channel, and Great American Country all reported double-digit growth.
Scripps also announced that its third-quarter net income came in at $156.8 million, which was an improvement on just under $130 million from the previous year.
“Our positive third quarter results demonstrate in a powerful way the ubiquitous nature of our popular lifestyle brands,” CEO Kenneth Lowe said.