Discovery Q3 revenue up, profit down

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Discovery has reported financial results for the third quarter ended September 30th.

Revenues of $2.59 billion (€2.27bn) increased 57 per cent on a reported basis compared with the prior year quarter. Excluding the impact of foreign currency fluctuations and the Scripps Networks Interactive, Motor Trend Group, and the Oprah Winfrey Network transactions, revenues increased 1 per cent, as a 3 per cent increase in International Networks and a 2 per cent increase in US Networks were partially offset by a significant decrease in Education and Other revenues due to the sale of the education business on April 30th.

The broadcaster’s bottom line came in at $117 million compared with $218 million in the same period last year.

“Our solid third quarter results demonstrate the strength of our brands and unmatched multi-platform distribution network, as we continue to position our broad suite of IP to maximize value and extend our global presence,” said David Zaslav, President and Chief Executive Officer for Discovery. “We are very pleased with how far we’ve come in the eight months since we closed our merger with Scripps Networks, highlighted by the acceleration of synergy generation and strong Adjusted OIBDA growth in the third quarter. Additionally, we continue to drive organic growth opportunities across our diverse portfolio, further positioning us for continued cash flow generation and additional value creation. We remain increasingly optimistic about the roadmap ahead of us as we drive forward with our plan to transform our Company.”


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