Originally posted on Variety:
Scripps Networks Interactive, parent company of Food Network, HGTV, Travel Channel and other lifestyle cablers, posted a solid profit gain for the third quarter but also saw expenses rise 13% thanks to increased investments in programming and digital initiatives.
Scripps’ third-quarter revenue climbed 9% over the year-ago quarter to $617 million. Net income was also up 9% to $129 million, or 87 cents per share, which surpassed most analysts’ expectations. Operating expenses at the Tennessee-based outfit rose 13% to $355 million.
Scripps Network topper Kenneth Lowe made it clear that the company is looking to international markets for growth prospects, particularly for Food Network and Travel Channel. Scripps recently bought out its Asian partner in Food Network and is looking to expand in that region as well as Latin America. International offshoots of Food are also on the move in Eastern Europe and South Africa.
Scripps execs singled out Travel…
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