Cable programmer Discovery Communications (Nasdaq: DISCA) posted a healthy 80 percent first quarter year-over-year net income improvement ($325 million versus $169 million) thanks largely to a $102 million piece of change it received when it contributed Discovery Health to OWN, a joint venture with Oprah Winfrey.
Aside from that one-time windfall, the programmer reaped the rewards of improved advertising revenues. First quarter revenues of $951 million were 9 percent more year-over-year while OIBDA grew 17 percent to $427 million, the company reported.
Expanding advertising revenues, which showed double digit gains the quarter and "predictable distribution revenues" will allow Discovery to invest in a "diverse set of brands and platforms around the world," President-CEO David Zaslav said in a news release.
- see this news release
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