Discovery Posts Stable Q1 Revenues, Profit

Total revenues at Discovery, Inc. were down 1 percent to $2.7 billion, with net income down 2 percent to $377 million.

At the U.S. networks, ad revenues were unchanged at $1 billion and distribution revenues rose by 2 percent to $708 million. The business did see a 6-percent reduction in total portfolio subscribers. Total U.S. revenues were flat at $1.75 billion.

At the international networks, revenues were flat on a constant currency basis at $923 million. Excluding foreign currency fluctuations, ad revenues were also stable at $376 million, while distribution revenues were flat at $515 million.

“The world is facing an unprecedented challenge and I want to express our profound gratitude to the medical workers and front-line responders who are risking their personal safety every day during this fight with COVID-19,” said David Zaslav, president and CEO. “I am also enormously proud of Discovery’s employees who have pulled together and stepped up with resilience, heart and creativity. They continue to nourish our viewers at a time when our trusted brands and beloved personalities are a unique source of comfort and familiarity. As we navigate through the remainder of 2020, our priority remains on the well-being of our employees, clients, customers, and production partners. Furthermore, we will continue to focus on maintaining a healthy balance sheet with robust liquidity and investing in our businesses to position ourselves for long-term growth amid the changes in the pay-TV landscape.”