Tag Archives: Ken Lowe

HGTV and DIY enjoying best year ever, Ken Lowe says

Scripps Networks Interactive headquarters

Scripps Networks HQ in West Knoxville.

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 losing government affairs head

 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.

Continue reading

Scripps Networks takeover speculation heats up

Speculation about the future of Scripps Networks Interactive is heating up. Bloomberg has a
scripps2_asb_13138.jpglengthy 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.

Continue reading

Scripps Networks 2Q earnings beat expectations

The analysts were wrong again.

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.

Analysts were expecting 87 cents per share.

Revenues rose 13 percent to $601 million.

Continue reading

Scripps Networks spending another $1B on stock buyback


scripps2_asb_13138.jpgWhat would you do with a spare billion dollars?


Lifestyle media company Scripps Networks Interactive Inc. has the cash and will spend on a stock buyback plan.

The Knoxville-based company announced Tuesday its board has authorized an additional $1 billion to buy shares of the company’s stock.

It is the second straight year the company has earmarked $1 billion to repurchase shares. The previous buyback plan was completed at the end of June.

Continue reading

Analysts wrong again — Scripps Networks 1Q revenues, profit up

Scripps Networks Interactive Inc. reported Thursday a first quarter profit of $115 million, or 73 cents per diluted share, compared to net income of $101 million, or 59 cents per share a year ago.

Revenues for the quarter increased 11 percent to $535 million.

The news boosted Scripps shares to a new 52-week high, up more than 5 percent to $53.38 in morning trading.

The Knoxville-based lifestyle media company easily beat analyst expectations on both the top and bottom lines. Analysts expected a dip in revenue and earnings of about 60 cents per share.

Continue reading

Scripps Networks: Cruz to focus on government affairs

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.

Continue reading

Scripps Networks profit jumps on increased ad sales

The economy may still be limping along, but Scripps Networks Interactive posted strong second quarter results today.

scripps2_asb_13138.jpgBoosted by improved advertising and affiliate fee revenue, Scripps Networks saw its 2Q profit soar 33 percent to $106.2 million, or 57 cents per share, the lifestyle media company announced on Monday.

Revenue for the quarter ended June 30 rose 32 percent to $516.04 million.

Scripps Networks corporate headquarters are in Cincinnati and its production headquarters are in Knoxville.
 

Continue reading