The company’s net income was 71% lower at $271m, as compared to last year.
Discovery has reported total revenues of $2.5bn for the quarter ended June 30, 2020, a 12% reduction on the corresponding period last year. The company’s net income was 71% lower at $271m.
The US distribution revenues increased 7% to $739m or increased 2% excluding certain non-recurring items, and advertising revenues decreased by 14% to $997m. Further, the total adjusted OIBDA decreased 12% to $1.1bn and free cash flow was $879m.
Commenting on the results, David Zaslav, President and CEO of Discovery said: “Our top priority is the health and safety of our employees as global economies and our offices begin to reopen. I want to thank all of our teams for the exceptional focus and dedication even during these turbulent times that continued to drive outstanding progress for our business, including renewals with four of our largest distribution partners and meaningful cost containment.
“We generated significant free cash flows in Q2, demonstrating the durability of our business, especially against the backdrop of a historic disruption to the global advertising market due to the impacts of the pandemic. With our significant liquidity cushion and the initial signs of stabilization that we’re seeing in many of our key markets around the world, we are pleased to announce our intention to resume returning capital to shareholders through share repurchases. We are cautiously optimistic about the global outlook for the rest of the year and firmly believe that the long-term prospects for Discovery remain as vibrant as ever.”