New York -- USA Networks Inc. said last week that it has
authorized a stock-repurchasing program for up to 10 million shares over the next year.
The owner of USA Network, Sci-Fi Channel and Home Shopping
Network also posted its second-quarter earnings last week, saying that pro forma cash flow
rose by 17 percent, to $130 million, and net revenues gained 15 percent, to $690 million.
On an actual basis, the company lost just over $3 million, or 2 cents per share.
The company trumpeted results at its cable networks, saying
that cash flow rose due to increases in advertising and affiliate revenues, as ratings at
USA Network remained high, while Sci-Fi continued to pick up homes.
At HSN, cash flow rose 4 percent from a year ago, to $42.4
million, and revenues jumped nearly 9 percent, to $263.2 million. The company reported
losses from its ticketing, Internet-services and noncore electronic-retailing businesses.