Discovery delivers mixed results for Q3 | Major Businesses | Business
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Content giant Discovery has posted $2.592 billion in revenue for the third quarter of 2018, with $.52 earnings per share.

discovery 9 nov 2018Those results narrowly missed analyst expectations of $.59 per share on $2.6 billion in revenue, but taking its $14 billion acquisition of Scripps Networks Interactive out of the picture, the company’s revenue inched up 1% over the same quarter a year ago.

The company’s fully distributed cable networks saw some declines in viewership, losing 2% in the US, but that was favourably compared with a 3% downturn a year ago.

“Our solid third quarter results demonstrate the strength of our brands and unmatched multi-platform distribution network, as we continue to position our broad suite of IP to maximize value and extend our global presence,” David Zaslav, Discovery president and CEO, said in remarks accompanying the financial press release. “We are very pleased with how far we’ve come in the eight months since we closed our merger with Scripps Networks, highlighted by the acceleration of synergy generation and strong Adjusted OIBDA growth in the third quarter.”

In March, Discovery closed its acquisition of Scripps Networks, uniting popular cable channels like HGTV and Food Network with Discovery’s own TLC and Discovery Channel, to form a lifestyle channel juggernaut.

“Additionally, we continue to drive organic growth opportunities across our diverse portfolio, further positioning us for continued cash flow generation and additional value creation,” Zaslav said. “We remain increasingly optimistic about the roadmap ahead of us as we drive forward with our plan to transform our company.”