Scripps Cooks Up Profit Increase
Credits growth of advertising, affiliate revenue in Q2
Scripps Networks Interactive said Monday its profits rose in the second quarter thanks to strong growth of both advertising and affiliate revenue.
The gains came despite increased costs as the company absorbed and reprogrammed the Travel Channel and re-branded its Fine Living network to become the Cooking Channel.
Second-quarter net income rose to $106 million, or 63 cents per share, from $79.5 million, or 48 cents per share, a year ago.
Revenue increased to $516 million, an increase of 32% from a year ago. Excluding Travel Channel, acquired in December, consolidated revenue increased 16% to $454 million.