Discovery’s International Networks had revenues of $902 million in the third quarter, down 5% on the same period last year.
Within that total, advertising was 7% down year-on-year at $365 million and distribution 3% lower at $503 million. Adjusted OIBDA was $127 million, or 46% down on Q3 2019. Meanwhile, in the US Discovery’s total revenues in Q3 were $1,659 million (-4%), with advertising accounting for $941 million (-8%) and distribution $696 million (+2%). Adjusted OIBDA stood at $951 million (-5%).
In its latest set off results, Discovery notes that the total share of viewing across its international portfolio in the third quarter of 2020 improved 5% on average, with strong growth in the UK, Germany, Italy and Norway. Additionally, Q3 marked five consecutive quarters of year-over-year share improvement”.
Commenting on the results, David Zaslav, president and CEO of Discovery, said: “Discovery delivered improving financial results in the third quarter, a testament to the powerful appeal of our content and brands, led in the US. by TLC, which beat top-rated sports and news networks in coveted Primetime demos, even in a record year for cable news. And as promised, our healthy liquidity position and another robust quarter of free cash flow generation allowed us to return $228 million to shareholders through share repurchases. In the midst of macroeconomic uncertainty with the ongoing Covid pandemic, as well as the continuing evolution of our industry, we remain focused on positioning Discovery for long-term growth and shareholder value creation through the execution of our strategic priorities, including our next generation initiatives.”