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Discovery Communications has reported financial results for the first quarter ended March 31st 2014.
David Zaslav, Discovery’s President and Chief Executive Officer, said, “Discovery’s strong organic growth continued during the first quarter as our unparalleled global reach and sustained investment in diverse and engaging content allowed us to capitalise on the growing demand for pay-tv programming worldwide. The larger audiences and consistent market share gains we are delivering are driving sustained financial results, even as we further invest in our platforms and integrate strategic acquisitions that will enhance our long-term growth prospects. As we look to the remainder of 2014, leveraging the significant opportunities across our existing asset portfolio remains our priority so we can maintain our financial momentum while further building long-term shareholder value.”
First quarter revenues of $1.411 billion increased $255 million, or 22 per cent, over the first quarter a year ago, led by 51 per cent growth at International Networks and 3 per cent growth at US Networks. Adjusted Operating Income Before Depreciation and Amortisation (OIBDA) increased 5 per cent to $525 million, as International Networks were up 18 per cent and US Networks were up 2 per cent. Excluding the impact of the SBS Nordic acquisition, foreign currency fluctuations and digital licensing agreements, total Company revenues increased 8 per cent and Adjusted OIBDA increased 6 per cent.