Channel operator Scripps Networks Interactive is targeting more international growth following new launches in Europe, Latin America and Asia and a revenue hike.
International operations saw an 80.7% year-on-year hike in operating revenue for the three months to June 30, 2013, its latest financial results revealed, up from US$10 million in 2012 to US$18 million.
The growth was primarily attributed to the acquisitions of Travel Channel International and Asian Food Channel, in March 2012 and April 2013, respectively.
However, the segment also saw a US$28.4 million loss, which was attributed to continued investment in nets such as Travel Channel and Food Network and digital initiatives.
SNI’s CFO Joseph NeCastro pointed to launches of Travel Channel in Eastern Europe and new business in Latin America and Asia and said: “Part of the reason for some of the accelerated spending is we are going deeper into each of those areas of the world, and we’re going to continue to invest there.”
“At this point, we are working very hard to execute the integration and the expansion of the Travel Channel International and now, certainly, of the Asian Food Channel and along with the sort of organic growth of the existing networks in new territories.”
International investments had “tended be smaller deals, but things that fit very, very well with the portfolio and with our management structure and team. We do have an appetite to do something bigger, we would love to, but we’re going to be disciplined about things that we think fit within the portfolio and that might provide a good return for our shareholders”.
Overall company operating revenue was up 10.8% to US$651.1 million, while profit grew 12.3% to US$319.7 million.
SNI’s portfolio also includes HGTV, DIY Network, Cooking Channel and Great American Country.
Endemol Shine Group seeks $4bn sale https://t.co/ZgZYvCYgyk
20 June 2018 @ 12:15:00 UTC