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General News: Discovery’s Q1 intl revenues fall - Printable Version

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Discovery’s Q1 intl revenues fall - charger - 05-09-2016

MUMBAI: US and global infotainment, kids and lifestyle broadcaster Discovery has reported financial results for the first quarter ended 31 March 2016. Revenues increased by two per cent to $1,561 million (increased by five per cent excluding currency effects) Adjusted OIBDA also increased by two per cent to $577 million (increased by seven per cent excluding currency effects). Adjusted EPS increased by 10 per cent to $0.46 (increased by 18 per cent excluding currency effects). It repurchased $373 million of stock. International Networks’ revenues for the first quarter decreased by three per cent to $711 million and Adjusted OIBDA decreased by 14 per cent to $185 million. Changes in foreign currency exchange rates reduced first quarter international revenues and Adjusted OIBDA growth by six per cent and 12 per cent, respectively. Excluding currency effects and the impact of SBS Radio, total revenues were up by seven per cent. Distribution revenues, excluding the impact of currency effects, grew by 12 per cent mostly due to increased subscribers in Latin America and higher rates in CEEMEA and Northern Europe, as well as contributions from Eurosport France. Excluding the impact of Eurosport France, distribution revenues on a constant currency basis would have been up by seven per cent. Ad revenues, excluding the impact of SBS Radio and currency effects, were up by four per cent, primarily due to higher volume and ratings in Southern Europe and higher pricing and volume in CEEMEA, partially offset by a decline in Northern Europe due to the Telenor blackout and lower ratings. Excluding the impact of SBS Radio and foreign currency exchange rates, Adjusted OIBDA was down by two per cent, reflecting a seven per cent revenue growth more than offset by an 11 per cent increase in operating expenses. The higher operating expenses were primarily due to increased content costs. “Discovery’s business momentum continued to build in the first quarter with strong viewership across our worldwide portfolio of brands and platforms. Our unmatched global distribution network, diverse, much loved brands, and unique flexible business model yet again produced strong results, particularly in the US. We have also made progress in reaching consumers across the world’s 7 billion screens with a robust multiplatform strategy that is increasingly showing potential to drive growth in the future. Given the long-term growth profile associated with the investments we’ve made, I remain optimistic about our overall operating and financial prospects, the opportunities ahead, and our potential to deliver significant shareholder value,” said Discovery president, CEO David Zaslav.

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