Discovery Q1 up 17%
May 2, 2019
Discovery has reported financial results for the quarter ended March 31st 2019.
The multichannel programmer saw Q1 revenues increase by 17 per cent on the same quarter last year to $2,707 million. The profit was largely driven by the company’s acquisition of Scripps some 10 months ago.
Excluding the impact of foreign currency fluctuations, revenues increased 21 per cent. On a pro forma combined basis, excluding the impact of foreign currency fluctuations, total company revenues decreased 5 per cent, as a 3 per cent increase in US Networks was more than offset by a 15 per cent decrease in International Networks primarily due to revenues from the Olympics in the first quarter of 2018 and a significant decrease in Other due to the sale of the education business.
Discovery is reaping the benefits of having the Scripps channels as part of its network. Operating expenses at its domestic channels rose to $691 million, from $522 million in the same period last year.
“In the first quarter we delivered a solid start to 2019, as we continue to power people’s passions through our loved brands and our owned global IP in genres that nourish audiences around the world,” said David Zaslav, President and Chief Executive Officer for Discovery. “We are a differentiated media company and have the right strategy, assets, brands, and management team necessary to drive additional shareholder value.”