Scripps Networks Posts Solid 2Q7/24/2007 3:05 AM Eastern
E.W. Scripps Tuesday reported improved revenue and profits for its lifestyle cable networks in the second quarter.
At Scripps Networks, the cable unit, second-quarter revenue increased 7.6% versus last year to $308 million. Segment profit for the division grew 9.2% to $164 million for the period.
Online revenue at Scripps Networks jumped 26% to $19.4 million in the second quarter.
Scripps Networks accounted for 48% of the company’s consolidated revenue for the second quarter.
The unit includes Home & Garden Television, Food Network, DIY Network, Fine Living and Great American Country.
The division’s performance “was favorably affected by growth in advertising sales, both on television and the Internet, and higher affiliate-fee revenue. However, softness in total-day ratings among key demographics at HGTV and Food Network held back advertising-revenue growth during the quarter,” E.W. Scripps said.
Scripps Networks’ ad revenue was up 4.8% to $245 million in the second quarter, while affiliate-fee revenue was $58.7 million, up 19%.