Cable Networks Drive Scripps in 1Q

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The Scripps Networks cable services propelled The E.W. Scripps Co. to a strong first quarter.

E.W. Scripps’ first-quarter earnings were $70.5 million, or 86 cents per share, up 34% from $52.7 million (65 cents) in the year-earlier period.

Profits at Scripps Networks -- which includes Home & Garden Television, Food Network, Fine Living and Do It Yourself -- jumped 50% to $62.3 million.

In other Scripps news, the company announced Wednesday that it has completed its acquisition of Summit America Television Inc., which includes Summit's 30% minority interest in Shop at Home and its five Shop at Home-affiliated broadcast stations.

Scripps paid $4.05 in cash per share, or about $184 million, for approximately 45 million fully diluted outstanding shares of Summit common stock.