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Discovery edges past quarterly revenue estimates on live sports, ad rebound -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO. The Discovery, Inc. logo can be seen in the FAO Schwarz store in Manhattan, New York City, U.S.A, on November 24, 2021. REUTERS/Andrew Kelly/File Photograph

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(Reuters) – Discovery (NASDAQ:) Inc beat analysts’ estimates for quarterly revenue on Thursday, buoyed by a resumption of live sports and higher advertising revenue as the media firm seeks to complete a planned merger with AT&T (NYSE:)’s WarnerMedia unit.

The number of paid streaming subscribers worldwide grew to 22 million by the end the fourth quarter, compared with 20 million the prior quarter.

These numbers are inclusive of subscribers to Discovery+, which was launched in January.

From $271million, which was 42 cents per shares a year ago, net income dropped to $38million, or 8c per share.

According to data from Refinitiv, revenue rose by 10% to $3.19 Billion in the third quarter ending Dec. 31. This is higher than an estimate of $3.12Billion.

Warner Bros. will be created by the merger of WarnerMedia and WarnerMedia. Discovery and help better compete with streaming rivals such as Netflix (NASDAQ:) Inc and Walt Disney (NYSE:) Co. It is anticipated that the deal will close by the middle of next year.

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