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 losing its chief legal officer and the head of its government affairs office in Washington, D.C.
A.B. Cruz III said he will leave the Knoxville-based lifestyle media company effective Dec. 14, the company said in a news release. Cruz, a rear admiral in the the U.S. Navy Reserve, is leaving “to allow greater flexibility in fulfilling his military responsibilities,” the company said.
On Oct. 1, Cruz started work with the Navy Reserve as deputy director of maritime operations at U.S. Fleet Forces Commaind in Norfolk, Va.
Speculation about the future of Scripps Networks Interactive is heating up. Bloomberg has a lengthy story today about the likelihood that the Knoxville-based lifestyle media company will be snatched up by a larger media operation.
Walt Disney Co. and Time Warner Inc. are listed as possible suitors.
“Walt Disney Co. (DIS), owner of sports network ESPN, should be drawn to Scripps Networks as a way to add more female-friendly content, said Citigroup Inc. and Macquarie Group Ltd., which also sees Time Warner (TWX) Inc. as a potential acquirer,” Bloomberg reports.
Scripps Networks Interactive second quarter earnings were better than expected, boosted by double-digit increases in advertising and affiliate fees.
Earnings from continuing operations attributable to Scripps Networks Interactive increased to $142 million, or 93 cents per diluted share, up from $77.4 million,or 78 cents per share in the same period a year ago, the Knoxville-based lifestyle media company said Thursday.
Scripps Networks Interactive’s chief legal officer, A.B. Cruz III, is leaving that post to focus on directing the company’s government affairs office.
As head of the Washington, D.C. office, Cruz “will represent the company’s position on industry-related issues as they are considered by lawmakers and other public policy makers,” the Knoxville-based company said in a statement released Thursday.
Scripps opened the government affairs office in September last year in response to changes in the digital media market.
Cruz, 53, will assist the company in finding a new chief legal officer.