Discovery Posts Strong Third-Quarter Financials

Discovery Communications Building - P 2011

Police cars are seen at the gate of the Discovery Channel headquarters in Silver Spring, Maryland, on September 1, 2010. A gunman fired several shots and took at least one person hostage on September 1 at the Discovery Channel headquarters near Washington, media reports said, quoting police who feared the assailant might have a bomb. Local media reports quoted police as saying the man entered the lobby of the building and fired a weapon five or six times before declaring: "Nobody is going anywhere."

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.

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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.

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"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.