Scripps Networks Interactive (SNI) enjoyed strong revenue increases for the second quarter of 2010, according to financial results released by the company this week.
Total revenue from the company’s Lifestyle Media division, which includes the cable nets HGTV, Food Network and Travel Channel among others, was $475 million, up 36 % from Q2 2009. Excluding the Travel Channel, which was acquired from Cox Communications late last year, the Lifestyle Media division’s total revenue was $413 million, up 18 % year-over-year. Second-quarter net income for Scripps Networks Interactive was $106 million, or 63 cents per share, compared with $79.5 million, or 48 cents per share in Q2 2009. Affiliate fee revenue grew 73 % to $139 million, while advertising revenue grew 27 %, to $331 million. Excluding the Travel Channel, affiliate revenue increased 42 % and advertising revenue was up 13 %.
‘Scripps Networks Interactive had an outstanding second quarter, benefiting from robust affiliate revenue growth and the strong advertising marketplace, particularly for our targeted lifestyle television networks,’ said SNI chairman, president and CEO Kenneth W. Lowe. ‘Food Network, HGTV and Travel Channel all contributed to the solid quarter, delivering growing and engaged audiences thanks to standout programming hits like Next Food Network Star, HGTV Design Star and Man v. Food.’
Lowe also said that the rebranding of Fine Living Network as The Cooking Channel has also had a positive impact on the company’s bottom line, ‘delivering a considerably larger audience and higher ad revenues than Fine Living Network was at this time last year,’ and mentioned the launch of The Food Network into the UK as well as the company’s further forays into the international market, ‘successfully exporting our brand of lifestyle television content across other European markets as well as the Middle East, Africa and Asia.’