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Discovery “steady growth” in Q2

Discovery Communications has reported financial results for the second quarter ended June 30th 2015.

“Driven by our unmatched portfolio and steady growth around the world, Discovery’s strong start to the year continued in the second quarter,” said Discovery Communications President and CEO David Zaslav. “We have carried that momentum into the third quarter and signed three landmark deals – the historic agreement for the Olympic Games in Europe, our agreement to acquire full ownership of Eurosport and our comprehensive long-term renewal with Comcast – that will bolster Discovery’s position and market share for years to come. I am pleased with the progress we made in the first half of the year and look forward to building our stable of content, IP and world-class platforms to drive viewer engagement and meaningful value to distributors, advertisers and shareholders now and into the future.”

Second quarter revenues of $1,654 million (1.4m) increased $44 million, or 3 per cent, over the second quarter a year ago, led by 5 per cent growth at US Networks and 1 per cent growth at International Networks.

Total Company revenues grew 11 per cent and Adjusted OIBDA grew 6 per cent excluding currency effects, as changes in foreign currency exchange rates reduced both second quarter revenue and Adjusted OIBDA growth by 8 per cent.  Excluding currency effects, the impact of Eurosport and the consolidation of Discovery Family, total Company revenues increased 4 per cent and Adjusted OIBDA increased 3 per cent.

Second quarter net income available to Discovery Communications decreased to $286 million compared to $379 million for the second quarter a year ago, primarily due to higher foreign currency losses, a lower gain on disposition, a gain on the consolidation of Eurosport in the prior year, and higher restructuring and other charges due to content impairments, partially offset by lower income tax expense.

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