Discovery reports flat Q3 revenue
November 1, 2016
Discovery Communications has reported financial results for the third quarter ended September 30th 2016.
Q3 revenues of $1,556 million (€1,414m) were flat compared to the prior year, as 2 per cent growth at US Networks and 19 per cent growth at its education unit were offset by a 3 per cent decline at International Networks, primarily due to currency effects. Net income fell 22 per cent to $219 million compared to $279 million in the year-earlier period.
“While we faced challenging but expected headwinds this quarter, Discovery is well positioned for long-term growth driven by our well-defined global brands, differentiated content and favorable distribution agreements,” said David Zaslav, President and CEO, Discovery Communications. “We have continued to strengthen and maximise our traditional pay TV offering with robust new programming while aggressively exploiting new opportunities to leverage our content across numerous digital platforms around the world. Amid an ever shifting global media ecosystem, Discovery is evolving to reach more consumers on more screens and platforms than ever before.”