Scripps Networks Interactive made strong earnings on US ad sales growth. First-quarter net income fell 27 per cent to $199.9 million, compared with $290.9 million for the prior year period. The prior year results include the sale of an investment in Fox Sports South to Fox, when adjusted net income was up 20 per cent. Revenues rose 4.7 per cent to $855 million.
Scripps Networks also announced that it was expanding its relationship with Snapchat and will be creating new food and home-related shows for Snapchat’s Discover platform. Revenues rose 4.9 per cent to $736.9 million. Ad revenues rose 5.1 per cent to $512.1 million. Distribution revenue rose 4.5 per cent to $211 million.