Discovery had revenues of $2,683 million in the first quarter, down 1% on the same period last year.
Meanwhile, its net income fell by 2% to $377 million. In the US, ad revenues were flat at $1,026 million in Q1 while distribution rose by 2% year-on-year to $708 million.
Total revenues were flat at $1,756 million and adjusted OIBDA 4% lower at $1,016 million.
In the international sector, ad revenues were 4% lower at $376 million and distribution 2% lower at $515 million.
Total revenues were 3% lower at $923 million and adjusted OIBDA 5% down at $207 million.
Commenting on the results, Discovery’s president and CEO David Zaslav said: “The world is facing an unprecedented challenge and I want to express our profound gratitude to the medical workers and front-line responders who are risking their personal safety every day during this fight with COVID-19. I am also enormously proud of Discovery’s employees who have pulled together and stepped up with resilience, heart and creativity. They continue to nourish our viewers at a time when our trusted brands and beloved personalities are a unique source of comfort and familiarity. As we navigate through the remainder of 2020, our priority remains on the well-being of our employees, clients, customers, and production partners. Furthermore, we will continue to focus on maintaining a healthy balance sheet with robust liquidity and investing in our businesses to position ourselves for long-term growth amid the changes in the pay-TV landscape”.
