Company’s earnings are up 24 percent
Discovery Communications’ earnings were up 24 percent in the third quarter, thanks largely to its recent foreign acquisitions.
The company behind OWN and Animal Planet posted net income of $255 million, or 71 cents a share, up from $205 million, or 55 cents a share, in the third quarter of 2012. Analysts surveyed by Thomson Reuters expected earnings of 72 cents a share on $1.39 billion in revenue.
The company acquired SBS Nordic in April 2013 and Switchover Media, as well as a Dubai TV station, in December 2012.
The company’s international networks posted 59 percent higher revenue, hitting $620 million. Revenue from U.S. networks rose 10 percent to $733 million.
Advertising revenue was up 12 percent to $383 million, in large part due to higher delivery and increased pricing.
“Discovery’s strong third quarter results once again demonstrate the breadth and depth of our brands and the myriad of opportunities across our global distribution platform,” said Discovery president and CEO David Zaslav. “We are translating the consistent viewership gains we are delivering globally into strong advertising growth both domestically and internationally, while at the same time further leveraging our unique distribution footprint by capitalizing on the pay television evolution in many of our markets worldwide.”