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Discovery posts financial results for Q2

Discovery Communications' financial results for the second quarter of 2009 boast a sizable increase in net income for shareholders, at US $183 million compared to US$43 million for Q2 2008.
August 5, 2009

Discovery Communications’ financial results for the second quarter of 2009 boast a sizable increase in net income for shareholders, at US $183 million compared to US$43 million for Q2 2008.

The company says the increase primarily reflects a $45 million growth in Adjusted Adjusted Operating Income Before Depreciation and Amortization (OIBDA) and a net tax gain of $46 million as a result of the sale of 50% of the Discovery Kids channel.

‘Discovery’s second quarter results demonstrate our ability to execute on our business plan and strategic initiatives in a difficult operating environment,’ said Discovery president/CEO David Zaslav in a statement. ‘We delivered 12% ratings growth across our domestic networks and increased international subscribers 11% while offsetting our continued investment in programming with reductions to the selling, general and administrative cost base. The result was demonstrable operating leverage, with Adjusted OIBDA growth of 13% despite the challenging economy and adverse foreign currency fluctuations.’

Revenues for the quarter, at US$881 million, were down slightly from same time last year, as 2% growth at the company’s U.S. Networks division was offset by a 5% decline at International Networks, resulting from foreign currency fluctuations. Within those calculations, ad revenues for the U.S. Networks division reported a 1% increase, while ad revenue for International Networks declined 13%.

About The Author
Meagan Kashty is an associate editor of realscreen, an international print and online magazine that covers the non-fiction film and television industries. Meagan is an award-winning business journalist. Prior to joining the realscreen team, Meagan was online editor of Canadian Grocer, named Magazine of the Year at the 2015 Canadian Business Media Awards. She can be reached at mkashty@brunico.com, and you can follow her on Twitter @MegKashty

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