Discovery reports “historic and pivotal” Q1
May 8, 2018
Discovery has reported financial results for the first quarter ended March 31st 2018.
“The first quarter of 2018 was a historic and pivotal period for Discovery. We closed on our transaction to acquire Scripps Networks Interactive, becoming the global leader in real life entertainment and home to an enhanced portfolio of quality and trusted enthusiast brands,” said David Zaslav, President and Chief Executive Officer for Discovery. “As our industry continues to evolve, we are uniquely positioned to maximize the value of our traditional pay-TV business while driving new opportunities and growth from our digital and direct to consumer businesses around the world.”
First quarter 2018 revenues of $2.3 million increased 43 per cent on a reported basis compared with the prior year quarter. Excluding the impact of foreign currency transactions and the Scripps Networks Interactive, The Enthusiast Network (VTEN) and the Oprah Winfrey Network (OWN) transactions, revenues increased 14 per cent, as International Networks grew 28 per cent and US Networks grew 3 per cent. On a Pro Forma basis, excluding the impact of foreign currency fluctuations, total company first quarter revenues grew 10 per cent, as International Networks grew 26 per cent and US Networks grew 2 per cent.