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.
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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