Discovery Reported a Loss After the Acquisition of Scripps Networks

Published on: 08 May, 2018

Discovery, Inc. (NASDAQ: DISCA) reported its financial results for the first quarter of fiscal 2018. The results were announced after the acquisition of Scripps Networks Interactive Inc in a $11.9 billion deal in March.

“The first quarter of 2018 was a historic and pivotal period for Discovery. We closed on our transaction to acquire Scripps Networks Interactive, becoming the global leader in real life entertainment and home to an enhanced portfolio of quality and trusted enthusiast brands,” David Zaslav, the President and Chief Executive Officer of the company, said in the statement on Tuesday.

For the first quarter, revenue increased from $1.61 billion to $2.31 billion, which beat analysts’ estimates of $2.24 billion.

The company reported a loss of $8 million, or 1 cent per share, for the first quarter of 2018, compared with $215 million, or 37 cents per share, for the same period last year. Adjusted earnings per share was 53 cents per share for the first quarter, increasing from 41 cents for the same period last year. The results also beat estimates of 39 cents per share.

“As our industry continues to evolve, we are uniquely positioned to maximize the value of our traditional pay-TV business while driving new opportunities and growth from our digital and direct to consumer businesses around the world,” said David.

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