May 2, 2019
Television shows about food, home improvement, buying and selling continue to resonate with viewers and the fiscal bottom line of Discovery Communications.
The media company May 2 reported first-quarter (ended March 31) net income of $384 million compared to a net loss of $8 million during the previous-year period. Revenue increased 40% to $1.4 billion from $1 billion last year.
Key to the economic turnaround: Discovery’s $14.6 billion acquisition of Scripps Networks Interactive in 2017, home to popular Food Network, HGTV (“Flip or Flop,” and “Fixer Upper” stars Chip and Joanna Gaines, etc.), Travel Channel and DIY Network programming.
Discovery is planning new programming and SVOD platforms around the Gaines and their Magnolia brands.
Other quarter highlights included previously reported 10-year global partnership with the BBC for subscription streaming video content as well as a resolution of the UKTV joint venture. Secured a new distribution agreement in the U.S. with YouTube TV, adding to broad inclusion across online TV platforms.
Indeed, Discovery in launching the HGTV brand in Germany and a golf-themed SVOD service (“Golf TV”) overseas with the PGA European Tour.
“In the first quarter we delivered a solid start to 2019, as we continue to power people’s passions through our loved brands and our owned global IP in genres that nourish audiences around the world,” Discovery CEO David Zaslavsaid in a statement.