07 November 2016

Strong gains in advertising revenue at HGTV and Travel Channel allowed Scripps Networks Interactive to top Wall Street expectations with its third quarter earnings.

But a 2.5% decline in the cable programmer’s domestic affiliate revenue for the quarter still raised red flags at a time when investors remain jittery about the health of the MVPD marketplace and subscriber losses. SNI said the decline was offset by “annual rate increases and growth in emerging distribution platforms.”

SNI, with its high-profile lifestyle channels that include Food Network and Cooking Channel, is seen a prime acquisition target as M&A activity heats up in the media and entertainment arena, as evidenced by the $85.4 billion acquisition pact for that AT&T set last month for Time Warner.

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