Investments in solar power cut into profits at Discovery Communications, whose U.S. networks increased operating income by 6% in the first quarter.
Net income fell 18% to $215 million, or 37 cents a share, from $263 million, or 42 cents a share a year ago, because of the timing if the company’s investment in solar power, and a $34 million debt extinguishment charge, the company said.
Revenue rose 4% to $1.613 billion.
Read more at broadcastingcable.com.
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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