Scripps Networks is seeing profit from its battle with cable companies to charge higher carriage fees for its popular HGTV and Food Network channels.
According to their fourth quarter results, Scripps Networks Interactive reported revenue growth of 6% to $430 million and segment profit, excluding one-time items, got a 4.8% boost to $191 million, thanks to the Food Network and HGTV.
“We did achieve a much larger slug of the growth early on in the Food [Network] renewals,” Scripps CFO Joe NeCastro said, according to Multichannel News. “We are very, very pleased with how those renewals came out. We certainly met our objectives and we actually exceeded our internal expectations.”
Scripps started a haggling war with Cablevision earlier this year, resulting in Scripps pulling the channels from operating systems.
Cablevision reps claimed in early reports that Scripps was asking for a 200% increase in the combined pay rate for the networks, according to the report. Some analysts had estimated that Scripps was asking for between 50 cents and 75 cents per subscriber per month for both channels.
The two parties were eventually able to settle on a fee, and the food and home channels were placed back on the airwaves.
Though this absence led to several angry viewers, Scripps is now saying their unwavering stance paid off.
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