Discovery Posts Strong Third-Quarter Financials
The company's domestic and international networks see 19 percent growth year-over-year despite the cost of OWN.
Discovery Communications on Tuesday reported third-quarter net income rose 27 percent to $237 million on revenue that was up 18 percent to $1.1 billion, led by 19 percent growth at both its U.S. and International television networks.
The earnings report, released after the closing bell, impressed investors, who bid shares 2 percent higher in the after-hours session. During regular trading, the stock sunk 3 percent to $42.27.
"The appeal of our programming allowed us to continue to take advantage of the sustained health of the global ad market and further leverage existing and emerging distribution platforms worldwide," said Discovery CEO David Zaslav.
The removal of Discovery Health that made way for the Oprah Winfrey OWN joint venture were a drag on results, to the tune of roughly $19 million.