Channel operator Scripps Networks Interactive reported strong third quarter results, which chairman, president and CEO Kenneth W. Lowe (below) attributed to the popularity of its lifestyle networks.
The firm, which owns channel brands including HGTV, DIY Network, Food Network, Cooking Channel and Travel Channel, reported consolidated revenues for the quarter of US$617 million – up 9% year-on-year. Net income was US$129 million, compared with US$118 million in the same quarter last year.
Scripps’ lifestyle media division saw revenues increase by 7.8% to US$595 million, driven by advertising and affiliate fee revenue growth. On-air television advertising revenue increased 9.2%, partially offset by adecrease in digital advertising. Overall ad revenues grew 7.5% to US$403 million.
Its ‘corporate and other’ division, which consists primarily of Scripps’ international operations, saw revenues increase 63% to US$23.2 million. This was largely attributed to Scripps’ April buyout of Asian Food Channel and the launch of uLive.com.
“We’ve created a valuable portfolio of lifestyle networks — as well as industry-leading websites and apps — that attract a highly engaged and upscale audience of food, home and travel enthusiasts,” said Lowe.