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Discovery, Scripps Report Q2 Earnings

While making the announcement that Discovery Communications had agreed to buy Scripps Networks Interactive, the two companies released second- quarter financial results.

Discovery said its second-quarter net income dropped 8% to $374 million. The company attributed the downturn to currency fluctuations, losses from equity and solar investments. Earnings per share were 64 cents, down from 66 cents a year ago.

Revenue at Discovery rose 2% to $1.745 billion.

At Discovery’s U.S. networks, operating income rose 4% to $567 million. Revenue rose 2% to $890 million.

Distribution revenue was up 4%, while ad revenue hit $472 million, flat versus $471 million a year ago.

Scripps Networks Interactive’s preliminary results for the second quarter shows income from operations before income taxes were $400.8 million, up 20.8%.

Read more at B&C.