Scripps Networks Interactive’s Lifestyle Media segment, which includes Food Network, HGTV, DIY Network and Travel Channel, racked up a profit of US$289 million, an increase of 21.9% over last year, according to the company’s second quarter earnings report.
Operating revenues for the segment rose 11% over last year to $527 million.
Breaking the results down to individual networks, Food Network revenue was at $187 million, up 8.2%; HGTV revenue was at $189 million, up 8.9%; Travel Channel revenue was up 15% to $70.3 million; revenue at DIY Network rose 27% over prior year with $29 million and Cooking Channel posted a 17% increase in revenue, with $15.9 million. Revenue at Great American Country, however, fell 31% over the same period last year to $5.9 million.
Scripps Networks Interactive’s consolidated revenues for the quarter increased by 12% over the prior-year period, to $534 million, while ad revenue rose 13% to $374 million.
Including the loss from the discontinued Shopzilla online shopping business, which Scripps sold in May, net income fell to $77.4 million from $106 million in the same period the year prior. Second quarter income from continuing operations rose from $98 million in Q2 2010 to $133 million.
“HGTV, Food Network and Travel Channel – our fully distributed networks – consistently lead their respective content categories and genres on both TV and the web, aggregating large and targeted audiences that are highly valued by media consumers, our advertising customers and distribution partners,” said Kenneth W. Lowe, chairman, president and chief executive officer of Scripps Networks Interactive.
“Likewise our premium-tier channels in the home and food categories, DIY Network and Cooking Channel, generated strong revenue growth as an increasing number of viewers discovered the exceptional vitality and utility of the creative original programming that’s defining these unique and exciting brands. Put it all together, and the company succeeded in delivering solid double-digit growth in revenue and segment profit during the second quarter and is on track for another outstanding year.”