Scripps Networks Interactive Inc., owner of such cable networks
as HGTV, Food Network and Travel Channel, has authorized a $1
billion stock-buyback program and increased its dividend.
The quarterly dividend is rising to 23 cents from 20 cents,
resulting in a 1.3% yield based on the company's 4 p.m. stock price
of $72.91.
Scripps also had increased its dividend a year ago, from 15
cents.
Scripps Networks said a previous share repurchase program had
$448 million remaining as of Dec. 31.
Last week, the company posted weaker-than-expected results for
its fourth quarter as growth in international revenue and affiliate
fees were offset by higher expenses and restructuring costs. The
company gave a disappointing revenue outlook for the year,
projecting an increase of 4%, below analyst forecasts of 6%
growth.
Earlier Thursday, Scripps Networks said it promoted head
advertising sales executive Steve Gigliotti to chief revenue
officer. He will oversee the company's efforts in advertising sales
and content distribution, in an effort to take "a coordinated
approach to revenue generation across multiple platforms."
Write to Josh Beckerman at josh.beckerman@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires