Ad revenues drive Scripps profits

US-based Scripps Networks Interactive has reported a 39% rise in net income for the first quarter of 2011, thanks to strong advertising growth at its lifestyle channels.

Scripps’ net income stood at US$101m for the three months to March 31, up from US$72m.5m in Q1 2010.

Scripps’ chairman and CEO Kenneth Lowe said this was down to the company’s channel portfolio, which gave ” tremendous value as marketing platforms for advertisers and distribution partners.”

Revenue was also up 14% year-on-year to US$536m, with advertising – primarily from Scripps’ lifestyle channels HGTV, Food Network and Travel Channel – contributing US$324m of the total.

The figures also showed Scripps paid US$15.5m in transition costs connected with the acquisition Travel Channel from Cox Communications in 2009; and US$11m in affiliate renewal negotiations for HGTV and Food Network.

“We’re committed to building on the competitive leadership position we’ve established in the home, food and travel lifestyle content categories and are encouraged by the positive start we’ve had for the year,” Lowe added. “Trends continue to be positive, which portends well for a very good 2011.”

In related news, Food Network has acquired cookery challenge show Gino v Britain (15×30′) from IMG Media and will broadcast it in 46 EMEA territories.

The series sees TV chef Gino D’Acampo going up against UK amateur cooks who think their skills can compete with those of the professionals.

Gosia Walak, head of acquisitions and planning for Food Network, and Alex Maldini, VP of sales for IMG Entertainment, brokered the deal.