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Discovery Q3 Profit Falls Even As Revenue, Digital Subscribers Rise

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Discovery said its third quarter profit tumbled significantly due to a series of transactions aimed at locking in interest rates ahead of its looming merger with WarenrMedia as well as higher expenses for its broadcast of the 2021 Summer Olympics and costs associated with its new direct-to-consumer businesses, even as its traditional lines of revenue increased and it added three million more subscribers for its streaming-video operations.

The company is slated to take over WarnerMedia, currently owned by AT&T, in a transaction that is expected to be complete by the middle of 2022.

The New York owner of the Food Network, Discovery Channel and TLC said net income fell to $156 million, down 48% when compared with $300 million in the year earlier period. Revenue, meanwhile, rose 23%, to $3.15 billion compared with $2.56 billion a year earlier. The company said U.S.  revenue rose 12% while international revenue rose 44%. Results came in ahead of Wall Street’s expectations.

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