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.
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