Scripps Networks Interactive announced that John Burlingame will retire from the Knoxville-based lifestyle media company’s board of directors when his current term expires.
Burlingame’s retirement will mark the end of a lengthy corporate relationship with the Scripps family and the Scripps companies.
A retired partner in the law firm of Baker & Hostetler, Burlingame has been a director of Scripps Networks since 2008 when it was spun-off from The E.W. Scripps Co., the owner of 19 television stations and newspapers in 13 markets, including the Knoxville News Sentinel and the Memphis Commercial Appeal.
Burlingame served as a director of E.W. Scripps for 24 years, retiring from the Cincinnati-based company’s board in 2012.
In addition, he had been a trustee of the Edward W. Scripps Trust since 1987. The family trust, which had controlled the company since 1922, terminated in October, 2012, and is in the process of winding up.
Scripps Networks portfolio includes the cable and Internet brands Food Network, HGTV, Travel Channel, DIY Network, Cooking Channel, and Great American Country.
Scripps Network Interactive has added another $1 billion to its share repurchase plan and boosted its quarterly dividend.
The Knoxville-based lifestyle media company’s board approved the extra billion for the buyback plan Thursday, a day before the company’s releases its quarterly financial report.
The billion dollars is on top of the $647 million remaining in the previous share repurchase authorization as of Dec. 31, 2013, the company said.
The board also approved a dividend payment of 20 cents, an increase from 15 cents. The dividend will be paid March 10 to shareholders of record on Feb. 28.
The company’s lifestyle media portfolio includes television and Internet brands HGTV, DIY Network, Food Network, Cooking Channel, Travel Channel and Great American Country.
Shares of Scripps Networks shed 39 cents in Thursday trading to close at $77.44.
Scripps is expected to release its financial report before the market opens Friday.
HGTV and DIY Network are enjoying “probably their best year ever, totally, not only in ratings but advertising as well,” Ken Lowe, Scripps Networks Interactive’s chairman, CEO and president, told CNBC today.
Lowe credited an improving housing market for the boosting all of the company’s lifestyle media channels.
“When you see people enjoying their homes and the housing market, feeling better and being better, then that just naturally allows our networks to flourish,” Lowe said.
Lowe was on CNBC to mark the 20th anniversary of the Food Channel.
“Who would have thought, right, a little network about how to boil water is now celebrating its 20th anniversary and over the years it’s really become a pop culture icon and started so many chefs down the path of becoming celebrities, if you will,” Lowe said.
Investors surely enjoy the company’s growth, if not the over abundance of celebrity chefs. SNI’s share price was trading around $78.45 by mid afternoon, up more than 32 percent for the year.
Scripps Networks portfolio of cable channels includes HGTV, DIY Network, Food Network, Cooking Channel, Travel Channel and Great American Country
Click here for Lowe’s CNBC interview.
Scripps Networks Interactive is expanding its reach in the video world.
The Knoxville-based lifestyle media company announced Thursday the launch of ulive, an online video site and distribution platform. The site curates videos from Scripps cable networks — HGTV, DIY Network, Food Network, Cooking Channel, Travel Channel and Great American Country.
In addition, ulive will offer more than 70 original video series featuring Scripps talent, social media stars and bloggers, according to a news release.
“With ulive we have created an online destination where anyone can enjoy entertaining and relevant videos for the way you live,” ulive President Jeff Meyer said in a statement. “It enables viewers to discover, watch and share what they love the most, across food, home, travel, parenting and wellness — and this is only the beginning of the site’s capabilities and content.”
Two of the new original series launched Thursday — “What Will the Maid Think?” from Bert Kreischer, host of The Travel Channel show Trip Flip and “Bonkers Awesome!” from food blogger Joy the Baker. Here’s what Zacks Equity Research has to say about ulive.
Scripps Networks Interactive continues to prove it is one of Knoxville’s best business success stories of recent years.
The Knoxville-based lifestyle media company today reported a first quarter profit of $101 million, or 59 cents per share, up 39 percent from $72.5 million, or 43 cents per share, in the first quarter last year.
Revenues for the quarter eneded March 31 rose 14 percent to $536 million, driven by increased advertising and affiliate fees.
Published reports in the United Kingdom indicate Scripps Networks, which announced recently it will move its corporate headquarters to Knoxville, is one of two U.S. companies interested in buying Virgin Media’s stake in UKTV, a pay-TV business.