Discovery profits up
Discovery Communications said fourth quarter profits rose as the economy improved. Fourth quarter net income rose to $202 million up from $151 million a year ago. Revenues increased 7 per cent to $1.02 billion.
“Discovery delivered another year of strong and consistent growth in 2010 as we leveraged our diverse slate of quality content across our worldwide distribution platform in an improving global economic environment,” said David Zaslav, Discovery CEO, in a statement. “We generated significant advertising and distribution revenue growth while thoughtfully managing our cost base.”
Adjusted earnings at Discovery’s US networks rose 16 per cent to $347 million. Earnings at its international networks rose 7 per cent to $161 million. Revenue at the U.S. networks rose 9 per cent to $612 million. Ad revenue rose 13 per cent to $323 million while distribution revenue rose 7 per cent to $261 million. Revenue at Discovery’s international network rose 4 per cent to $358 million.