You will be redirected back to your article in seconds

Discovery Posts Q4 Loss on One-Time Charges Despite Revenue Climb

Discovery Communications said fourth-quarter profit fell due to a series of one-time charges, even as advertising and distribution revenues climbed both at its U.S. properties and abroad.

The owner of the Discovery Network, TLC and OWN cable outlets, which said Tuesday it has obtained clearance from the Department of Justice to purchase Scripps Networks, said net income fell to a loss of $1.14 billion, or $1.99 per share, citing a goodwill impairment charge of $1.32 billion related to its European operations, and a charge of $59 million related to costs related to the Scripps acquisition. In the year-earlier period, Discovery reported a profit of $304 million or 51 cents per share.

 Revenue in the period climbed 11% to more than $1.86 billion, compared with $1.67 billion, with growth evident at both the company’s U.S. and European properties.

“Solid global advertising and distribution revenue growth helped us achieve our 2017 strategic and financial objectives,”said David Zaslav, Discovery’s chief executive, in a prepared statement. “Additionally, we remain excited by the prospects for a combined Discovery and Scripps Networks.”

At Discovery’s U.S. operations, fourth-quarter revenues rose 10%, to $892 million. The company cited 7% increase in revenue related to distribution, and an 8% increase in revenue related to advertising.  driven by 7% distribution growth. Advertising was strong at both the TLC and ID networks, the company said, but subscriptions to its overall portfolio of networks fell 5%.

Revenue rose at Discovery’s overseas holdings. Revenue at its international networks rose 13% to $927 million. Distribution revenues grew 10%, mostly due to higher rates in Europe following
further investment in sports content, and higher contractual rates in Latin America. Advertising revenue rose 5%, mostly due to higher volume and pricing across key markets in Europe and higher volume in Latin America, the company said.

 

More TV

  • 'Jane The Virgin,' 'One Day At

    'Jane The Virgin,' 'One Day at a Time' Document the Undocumented

    Discovery Communications said fourth-quarter profit fell due to a series of one-time charges, even as advertising and distribution revenues climbed both at its U.S. properties and abroad. The owner of the Discovery Network, TLC and OWN cable outlets, which said Tuesday it has obtained clearance from the Department of Justice to purchase Scripps Networks, said net […]

  • SHADES OF BLUE -- "The Hollow

    TV Ratings: 'Shades of Blue' Season 3 Opens at Series Low

    Discovery Communications said fourth-quarter profit fell due to a series of one-time charges, even as advertising and distribution revenues climbed both at its U.S. properties and abroad. The owner of the Discovery Network, TLC and OWN cable outlets, which said Tuesday it has obtained clearance from the Department of Justice to purchase Scripps Networks, said net […]

  • Kyra Sedgwick Emmy Fashion

    Kyra Sedgwick Talks 'Controversial' Fashion and Becoming a 'More Authentic Self'

    Discovery Communications said fourth-quarter profit fell due to a series of one-time charges, even as advertising and distribution revenues climbed both at its U.S. properties and abroad. The owner of the Discovery Network, TLC and OWN cable outlets, which said Tuesday it has obtained clearance from the Department of Justice to purchase Scripps Networks, said net […]

  • The Alienist S1 - 101

    'The Alienist' Bosses on Crafting a Scene as 'Microcosm for the Triangle of the Series'

    Discovery Communications said fourth-quarter profit fell due to a series of one-time charges, even as advertising and distribution revenues climbed both at its U.S. properties and abroad. The owner of the Discovery Network, TLC and OWN cable outlets, which said Tuesday it has obtained clearance from the Department of Justice to purchase Scripps Networks, said net […]

  • Anthony Ramos Shes Gotta Have It

    Anthony Ramos on Turning From 'Hamilton' to TV for 'She's Gotta Have It'

    Discovery Communications said fourth-quarter profit fell due to a series of one-time charges, even as advertising and distribution revenues climbed both at its U.S. properties and abroad. The owner of the Discovery Network, TLC and OWN cable outlets, which said Tuesday it has obtained clearance from the Department of Justice to purchase Scripps Networks, said net […]

  • Jason Katims Writers Office

    Inside Jason Katims' Memorabilia-Filled Writer's Office

    Discovery Communications said fourth-quarter profit fell due to a series of one-time charges, even as advertising and distribution revenues climbed both at its U.S. properties and abroad. The owner of the Discovery Network, TLC and OWN cable outlets, which said Tuesday it has obtained clearance from the Department of Justice to purchase Scripps Networks, said net […]

  • YouTube Launches Premium SVOD and Music

    U.K. and International Launches for YouTube Premium and Music Services

    Discovery Communications said fourth-quarter profit fell due to a series of one-time charges, even as advertising and distribution revenues climbed both at its U.S. properties and abroad. The owner of the Discovery Network, TLC and OWN cable outlets, which said Tuesday it has obtained clearance from the Department of Justice to purchase Scripps Networks, said net […]

More From Our Brands

Access exclusive content