Discovery Q2 up 10%
July 31, 2014
David Zaslav, Discovery’s President and Chief Executive Officer, said, “The operating strength across Discovery’s organic businesses, along with increased contributions from strategic acquisitions, led to sustained financial momentum during the second quarter. Our persistent focus on building a broad and deep content portfolio to leverage the opportunities across our unique distribution platform is driving viewership and revenue growth worldwide as pay-TV continues to evolve. Going forward, investing in compelling programing remains a priority as we integrate our recent acquisitions and build new avenues of growth so we can deliver additional long term value to our shareholders.”
Discovery reported Q2 revenues of $1.6 billion increased $143 million (€106m), or 10 per cent, over the second quarter a year ago, as 23 per cent growth at International Networks was partially offset by a 2 per cent decline at US Networks, primarily due to additional revenues from licensing agreements in the prior year. Adjusted Operating Income Before Depreciation and Amortisation (“OIBDA”) increased 6 per cent to $694 million, as International Networks were up 19 per cent while U.S. Networks were down 1 per cent due to the impact of licensing agreements. Excluding the impact of the Eurosport transaction, foreign currency fluctuations and licensing agreements, total Company revenues increased 9 per cent and Adjusted OIBDA increased 11 per cent.