Discovery Inc. on Thursday reported total revenues of $2.6 billion, off 4% from the year earlier as profit rose to $300 million from $262 million.
U.S. distribution revenues increased 2% and advertising revenues decreased 8%; and International distribution revenues decreased 4% and advertising revenues decreased 9%. Earnings per share was $0.44 per diluted share from $0.35.
“Discovery delivered improving financial results in the third quarter, a testament to the powerful appeal of our content and brands, led in the U.S. by TLC, which beat top-rated sports and news networks in coveted Primetime demos, even in a record year for cable news,” said CEO David Zaslav. “As promised, our healthy liquidity position and another robust quarter of free cash flow generation allowed us to return $228 million to shareholders through share repurchases. In the midst of macroeconomic uncertainty with the ongoing COVID pandemic, as well as the continuing evolution of our industry, we remain focused on positioning Discovery for long-term growth and shareholder value creation through the execution of our strategic priorities, including our next generation initiatives.”
The company’s portfolio includes Discovery Channel, HGTV, Food Network, TLC, Investigation Discovery, Travel Channel, MotorTrend, Animal Planet, Science Channel, and the forthcoming multi-platform JV with Chip and Joanna Gaines, Magnolia, It also has OWN: Oprah Winfrey Network in the U.S.; Discovery Kids in Latin America; and Eurosport, home of the Olympic Games, in Europe.