Scripps Networks Interactive posted higher profits in the fourth quarter, even with ratings falling and what the company called “softness in the advertising market,” Variety reports.
The company, whose cable holdings include DIY, Food Network, the Cooking Channel, Travel Channel, Great American Country, and HGTV, reported a 21% increase in net income.
“Scripps said fourth-quarter net income attributable to the company came to $131.8 million, or $0.96 per share, compared with $108.5 million, or $0.73 per share, in the previous quarter,” Variety reports.
The company saw ad revenue rise slightly — up 0.7% to $454 million. Affiliate fees were up 6.1% to $202 million, with revenues rising 2.3% to $669 million.
The report adds: “Operating revenues fell at Food Network, Travel Channel and Great American Country during the fourth quarter, Scripps said, while increasing nearly 10% at Cooking Channel.”