Discovery Communications has reported financial results for the first quarter ended March 31st 2017.
First quarter revenues of $1,613 million increased 3 per cent compared to the prior year primarily due to 5 per cent growth at International Networks and 3 per cent growth at US Networks.
First quarter net income available to Discovery Communications decreased 18 per cent to $215 million as higher operating results and lower income tax expense were more than offset by higher losses from equity investees primarily due to the timing of our solar investments, which had a negative impact on net income in the first quarter but are expected to have a positive impact on net income for the full year, a $34 million after-tax debt extinguishment charge and higher restructuring charges than in the prior year.
“Improved ratings across many of Discovery’s key distinctive programmes and brands, coupled with strong global distribution growth, led to solid organic growth in the first quarter,” said President and CEO David Zaslav. “Beyond our linear business, we continue to focus on new strategic partnerships and investments to help drive our multiplatform growth strategy and ensure that we reach our global superfans on every screen.”