Discovery reported higher third-quarter earnings on strong results at its U.S. networks and a drop in restructuring costs and interest expenses.
Net income rose to $262 million, or 35 cents a share, from $117 million or 16 cents a year ago.
Revenue rose 3% to $2.7 billion.
At Discovery’s U.S. networks, operating income increased 12% to $1 billion. Revenue increased 3% to $1.7 billion.
Advertising revenue rose 3%. Distribution revenue rose 6% despite a drop in subscribers.
Subscribers were down 4% from a year ago and subscribers to Discovery’s fully distributed networks were down 1%.
"Discovery once again delivered strong financial results across our portfolio, generating healthy revenue growth in the U.S. and internationally, and significant operational efficiencies from our ongoing transformation efforts,” said CEO David Zaslav. “We also made progress in the buildout of our digital ecosystems that leverage our owned programming and brand strength. With a solid financial profile and strong balance sheet, we are able to invest meaningfully in our business and create additional value for shareholders."
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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.