Fourth-quarter revenue rose 51% to a nearly $2.81 billion from the year-ago quarter, while profit came to $269 million, or 38 cents a share, compared with a loss of $1.1 billion a year ago.
Revenue failed to meet expectations however; Wall Street had expected revenue of $2.83 billion.
In a statement, Discovery CEO David Zaslav said the company was “optimistic that we will continue to build on all of our operating momentum to drive additional shareholder value into the future.”
Discovery has plans to soon launch Discovery Kids Media (DKM), a new media unit for its international presence created to develop, commission, co-produce and distribute kids’ animated and live-action content for both linear and digital platforms in Latin America.
Despite lower ratings at the company’s cable networks, including Discovery TLC and OWN, the content giant said that US advertising revenue rose 3% in the quarter. That is mostly thanks to more ads around digital content (Discovery bought Scripps Networks Interactive last year) and an increase in ad prices.―Rapid TV News