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$SNI 1Q15 10-Q: The company announced that it will be closing its Cincinnati, OH office location in late 2015 and will be relocating certain positions to its Knoxville, TN headquarters. The company also contributed $0.1MM and $0.2MM to fund current benefit payments for the SERP during the first quarter of 2015 and 2014, respectively.
$SNI's digital production arm, Scripps Lifestyle Studios, launched a new digital, food-focused brand called Genius Kitchen, featuring a full site, social, and immersive app. Users can enjoy the full range of content, including recipes and cooking tips, in October via Apple TV, Amazon, Android, YouTube, the Roku platform, and Pluto TV, among others.
$DISCA plans to realize half of the synergies from the acquisition of $SNI in the first year after closing the transaction. The company intends to use all of its free cash flows towards paying debt until it returns to the projected gross leverage ratio. Discovery will also suspend share repurchases until it achieves the target.
$DISCA said that pursuant to its planned acquisition of $SNI, shareholders of Scripps Networks will receive a 70-30 mix of cash and stock of Discovery Communications. The cash portion will be funded from cash on hand and new debt. The transaction is expected to be accretive to Discovery’s free cash flow and adjusted earnings after the first year.
Media firm $DISCA has signed an agreement to acquire $SNI, a developer of TV content, for $14.6Bil in a cash-and-stock transaction. The acquisition, which is expected to close in early 2018, will be accretive to the company’s adjusted EPS and cash flow in the first year. Scripps shareholders will receive $90 per share, comprising cash and stock.
$SNI named Lois Nix as SVP and CFO for the Advertising Sales division. In this role, Nix serves as the primary financial advisor to the company’s ad sales organization. Nix reports to Chief Revenue Officer Steve Gigliotti, with additional reporting duties to Lori Hickok, $SNI's CFO. She succeeds Amy Listerman who departed the company last month.
$SNI appointed Lois Nix as SVP and CFO for its advertising sales division. She succeeds Amy Listerman who departed the company last month. Nix is based in New York and reports to Chief Revenue Officer Steve Gigliotti, with additional reporting duties to Lori Hickok, Scripps Networks’ CFO.
$SNI announced a new deal with Snap Inc. that will bring new food- and home-related programming, including Shows, to Snapchat’s Discover platform. $SNI and Snap will serve sponsors through unique campaigns that leverage Snap’s ad technology, as well as $SNI's client relationships and advertising-friendly content.
$SNI's adjusted net income for 1Q17 was $199.9MM or $1.53 per share, up from $167MM or $1.29 per share last year. The increase was primarily driven by the growth in operating income coupled with decreases in depreciation and amortization expense, interest expense and rise in foreign currency transaction gains compared with last year.
$SNI reported a 31.3% drop in 1Q17 earnings due to last year's gain on sale of investments in regional sports network. Net income fell to $199.9MM or $1.53 per share from $290.9MM or $2.24 per share last year. Revenue grew 4.7% to $855.12MM, on higher advertising revenues and a rise in distribution revenue.
$SNI has agreed to acquire leading millennial-focused media company Spoon University. The deal will enable Scripps Networks Interactive to strengthen its digital business in the food space. The terms of the transaction were not disclosed.
$SNI reached an agreement to acquire leading millennial-focused media company Spoon University. The deal will enable $SNI to further strengthen its digital business in the food space. This will enable $SNI to enhance its digital content, marketing and technology capabilities, and provide Spoon University with ability to grow into content sectors.
For FY17, $SNI expects revenue growth to be about 6%. Additionally, within the expected revenue growth, the company expects to generate positive distribution growth beginning in 1Q17, and expects this distribution revenue growth rate to increase during the year.
Media company $SNI reported lower 4Q16 earnings, mainly due to previously mentioned non-cash accounting adjustment, tax effects and non-cash write-down. Net income declined to $52.1MM, or $0.40 per share compared to $164.7MM, or $1.27 per share during 4Q15. Consolidated operating revenues rose 4.3% to $888.7MM.
$SNI said President of Scripps Networks International Jim Samples, who has been leading TVN since July 2016, has been appointed President of TVN's management board with day-to-day oversight of the company. Samples, who has been leading TVN on an interim basis since July 2016, will continue as President of $SNI's international operations.