TV

Strong Q2 for Scripps Networks Interactive

Sizable net income and revenue gains are a "direct result of our successful strategy to differentiate our networks by focusing on avid consumer interest in their homes, food and travel," says CEO Ken Lowe.
August 2, 2012

Scripps Networks Interactive’s second quarter financial results for 2012 boast a 57% increase in net income and a 13% increase in revenue from the prior-year period.

Consolidated revenues stand at US$601 million, while ad revenue for the three-month period ending in June also grew by 12% year-on-year, to $417 million.

Expenses for the quarter were up by 22% from the prior-year period due to “increased programming and marketing expenses to drive viewership at all of the company’s lifestyle television networks,” according to the company, as well as higher employee costs and “investments in planned domestic and international growth initiatives.”

As for the financial performances of each net, Food Network’s revenues grew by 17%, to $218 million, while HGTV’s grew by 8.4%, to $205 million. Travel Channel saw a 4.9% increase in revenue to $73.8 million, while DIY Network’s revenues grew to $33.7 million, up 16%. Cooking Channel revenues climbed 41%, to $22.4 million.

Meanwhile, revenues for Great American Country fell again, down 15% to $5 million.

“The company’s strong second quarter financial performance is a direct result of our successful strategy to differentiate our networks by focusing on avid consumer interest in their homes, food and travel,” said Scripps Networks Interactive CEO Ken Lowe.

“Food Network and HGTV consistently aggregate record numbers of engaged, passionate viewers, and we’re creating considerable momentum at the Travel Channel, where our creative team is working to define the brand and the content genre,” he added. “At Cooking Channel and DIY Network we’re seeing very strong double digit growth both in viewership and in revenues as we appeal on a deeper level to cooking and home improvement enthusiasts who choose to watch our premium-tier channels.”

 

About The Author
Selina Chignall joins the realscreen team as a staff writer. Prior to working with rs, she covered lobbying activity at Hill Times Publishing. She also spent a year covering the Hill as a journalist with iPolitics. Her beat focused on youth, education, democratic reform, innovation and infrastructure. She holds a Master of Arts in Journalism from Western University and a Honours Bachelor of Arts from the University of Toronto.

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