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Discovery Reports Higher Second-Quarter Earnings

Discovery reported an increase in second-quarter earnings, with its U.S. networks showing gains in advertising and distribution revenue.

Boosted by a one-time non-cash tax benefit, net income rose to $947 million, or $1.33 a share, from $216 million, or 30 cents, a year ago. Adjusted operating income before depreciation and amortization was up 5%, with U.S. networks show a 15% gain.

Revenue rose 1% to $2.885 billion. Revenue at Discovery’s U.S. networks were up 5% to $1.153 billion.

Domestic distribution revenue rose 5% to $688 million thanks to being added to YouTube TV's lineup. Advertising revenue was up 6% to $1.153 billion.

The company said it completed its upfront with volume and price increases across its portfolio.

"We delivered another quarter of strong operating and financial performance, with the benefits of the Scripps Networks acquisition flowing through all areas of our global business, while also accelerating our pivot to digital and direct-to-consumer offerings with IP that powers people's passions," said CEO David Zaslav. "With an exceptional team in place, strong top-line performance and a healthy balance sheet, we are confident in our ability to continue executing on our strategic priorities to drive long-term growth and shareholder value."

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.