Earnings: Discovery Networks Revs Rise 11 Percent; Ad Revs Gain 5 Percent
This story was written by David Kaplan.
Discovery (NSDQ: DISAB) Communications (NSDQ: DISCA) offered further proof that cable growth is cutting through the downturn, a day after Cablevision (NYSE: CVC) swung to profit and saw revenues gain 15 percent year-over-year. The Silver Spring, Md.-based network posted an 11 percent revenue gain to $845 million, while net income from continuing operations of $94 million ($0.31 per share) from $30 million last year. The programmer's ad revenue was up a decent 5 percent to $249 million as distribution revs grew 8 percent to $231 million. The former benefited from higher sellouts and pricing, which were partially offset by lower ratings at TLC and Discovery Channel, while the latter got a boost from additional subscribers.
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By David Kaplan