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Scripps Networks Interactive Management Discusses Q2 2012 Results - Earnings Call Transcript

Let me remind you, if you prefer to listen in via the Internet, go to our website, click on Investor Relations and find the microphone icon on the landing page. Additionally on the page, under the microphone icon, you'll find our second quarter earnings presentation materials that we'll be referring to during the prepared remarks portion of our call. An audio archive will be available on the site later today and we'll leave it there for 2 weeks so you can access it at your convenience.

During the Q&A this morning, it would be helpful if you would please limit yourselves to 1 question and 1 follow-up. Let me remind you, that our discussion this morning will contain certain forward-looking statements. Actual results may differ from those predicted, and some of the factors that may cause the results to differ are set forth in our publicly filed documents, including our Form 10-K. With that, I'll turn it over to Ken.

Kenneth W. Lowe

All right, thank you, Mark, and good morning, everyone. As always, we appreciate your interest in Scripps Networks Interactive. We just completed another terrific quarter. Let me just quickly run through some highlights. We saw audience growth at all of our Home and Food category networks. We debuted new travel programming, that is clearly resonating with viewers. We had double-digit growth in advertising and affiliate fee revenue. We just completed our $1 billion dollar share buyback authorization and just announced another $1 billion buyback this week as you probably saw. We also reached an agreement with the country's biggest distribution partner that will make Scripps branded content accessible to millions of our fans on their tablets, smartphones and other new electronic platforms.

And the big news, and I am happy to report, is the successful completion of our best ever performance in the upfront ad sales marketplace. In fact, in total business booked, we booked through the $1 billion threshold for the first time in our company's history. That gives us a whopping 10% of the marketplace and it puts us in the same league with a very short list of other programming groups. Clearly, we've created a distinct competitive advantage by uniquely defining and staying true to the lifestyle content categories that we own and it's paying off.

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