Discovery Sees Q3 Profit Rise Despite Slump in Ad Revenue
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variety.comBrian Steinberg Senior TV EditorDiscovery said third-quarter profit increased despite a slump in ad revenue at both its U.S.
and international operations, as the company enjoyed a tax benefit and relied on cost-cutting maneuvers to navigate through conditions caused by the coronavirus pandemic.The owner of the TLC, Food Network, HGTV and Discovery cable outlets said revenue fell 4% — with U.S.
advertising sales down 8% — but cut down on expenses and narrowed tax expenses from the year-earlier period. That helped buoy a 15% increase in the net income available to the company, which rose to $300 million, or 44 cents a share, compared with $262 million, or 35 cents a share, in the year-earlier quarter.
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