Discovery Feb. 26 reported fourth-quarter (ended Dec. 31, 2018) net income of $265 million following a net loss of $1.1 billion during the previous-year period. Revenue increased 51% to $2.8 billion from $1.85 billion a year earlier.
Spearheading the turnaround was last March’s $15 billion acquisition of Scripps Networks, including coveted brands HGTV, DIY Network, ID, TLC, Animal Planet and Food Network. Discovery also owns stakes in MotorTrend Group and Oprah Winfrey Network (OWN).
For the fiscal year, net income reached $594 million compared to a $337 million loss in the previous year. Revenue increased 54% to $10.6 billion from $6.9 billion.
Discovery has also invested hundreds of millions in sports programming in Europe, including Olympics rights and an over-the-top video deal for the PGA European Tour.
It also inked exclusive pay-TV and streaming deals with Chip and Joanna Gaines, the husband and wife team behind the hugely successful “Fixer Upper” franchise, and Christina El Moussa, the prettier half of the now-divorced from “Flip or Flop” husband/co-star Tarek El Moussa.
“2018 was a transformational year for Discovery, highlighted by our operational accomplishments, our strong progress in synergy generation and our overall solid financial performance, as we continued powering people’s passions around the world,” CEO David Zaslav said in a statement. “Discovery is a differentiated global content company, and we are optimistic that we will continue to build on all of our operating momentum to drive additional shareholder value into the future.”