Revenue rises 11% to $1.2 billion
Discovery Communications, parent of Discovery Channel, Animal Planet, TLC and OWN, saw profit jumped more than 70% last quarter to $337 million from $197 million on advertising and distribution muscle at home and overseas and minus a hefty tax provision from the year earlier.The stock was up in pre-market trading. Revenue at the Silver Spring Md-based cable group led by David Zazlav rose 11% to $1.2 billion, with U.S. nets growing 11% to $677 million and international nets up 12% at $401 million. Operating income rose to $388 million domestically and $172 internationally, up, respectively, 12% and 7%. U.S. ad revenue grew 13% to $364 million. Distribution fees were up 7% to $282 million from higher rates and subscriber growth, primarily from networks carried on the digital tier, as well as from additional licensing revenue. International ad revenue rose 18% to $160 million and distribution grew 10% to $225 million. For full year 2012, Discovery said it expects total revenue of between $4.45 billion and $4.575 billion, Adjusted operating income between $2.05 billion and $2.15 billion, and net income available to Discovery stockholders of $975 million to $1.075.