Scripps Networks Interactive announced Thursday it would pay a quarterly dividend of 15 cents per share on Sept. 10, to shareholders of record on Aug. 30.That’s unchanged from the dividend paid the previous quarter.
Scripps Networks will report its second-quarter operating results before the market opens on Aug. 8. A conference call with analysts will follow at 10 a.m.
Scripps shares were down slightly in morning trading on Friday at $72.14, but are up more than 20 percent since the first of the year.
The Knoxville-based lifestyle media company’s portfolio includes cable channels HGTV, Food Network, Cooking Channel, Travel Channel, DIY Network, Great American Country and related Internet brands.
Photo: Scripps Networks Interactive headquarters in West Knoxville.
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.
What 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.
Scripps Networks Interactive shareholders are having a very good day. The Knoxville-based
company’s stock price is trading at its highest price in more than a year.
In late-morning trading, the stock was up more than $1 to $56.31. So far today, the stock has traded as high as $56.39.
The lifestyle media company’s stock has moved steadily higher since dipping below $40 last fall.
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.
Shares of Scripps Networks Interactive have climbed from $43 at the first of the year to about $51 today, not far from their 52-week high.
But analysts have in recent days “become increasingly bearish” on the Knoxville-based lifestyle media company which will report first quarter earnings on Thursday, according to Forbes.com.
Analysts are now expecting earnings of 60 cents per share – down 3.2 percent from a year ago.
After a successful launch in Washington, D.C. a few months ago, Knoxville-based Scripps Networks Interactive Inc. is expanding CityEats, its Web-based dinner reservation service.
The service, a partnership powered by Scripps-owned Food Network, is now available in Philadelphia.
About 130 resetaurants in D.C. and Philly have signed up with CityEats. The service will be available in New York and San Francisco later this year, Forbes.com reported Monday.
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.
Scripps Networks Interactive Inc. is hoping the good vibes at HGTV and DIY Network will rub off on Travel Channel, the newest addition to its lifestyle media portfolio.
Knoxville-based Scripps Networks announced Wednesday the appointment of two new leaders to oversee strategy and content development at Travel Channel.
Andy Singer was promoted to general manager and Ross Babbit was named senior vice president of programming production. Both executives spent several years in top posts at HGTV and DIY Network, two of Scripps Networks most successful properties.
Analysts are expecting Knoxville-based lifestyle media company Scripps Networks Interactive to report increased fourth quarter profits on Thursday.
The average estimate is net income of 81 cents per share, the Wall Street Cheat Sheet reported earlier this week. That would be an increase from 68 cents a year ago.
Anaylsts also look for a drop in year-over-year revenue for the second straight quarter, according to Forbes.