Discovery profit jumps 70%

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.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More TV News from Variety