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Discovery edges past quarterly revenue estimates on ad strength -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: AT&T logo is seen on a smartphone in front of displayed Discovery logo in this illustration taken May 17, 2021. REUTERS/Dado Ruvic

(Reuters) – Discovery, (NASDAQ:) Inc beat Wall Street estimates for third-quarter revenues on Wednesday. This was due to increased advertising revenue and distribution revenue resulting from the European broadcasting of the Tokyo Olympic Games.

The quarter ending Sept. 30 saw revenue rise 23%, to $3.15 trillion. That’s slightly more than the $3.14 billion estimate by Refinitiv.

The number of global paid streaming subscribers grew to 20 million by the end-of the third quarter from 17 million the previous quarter. The company stated that this figure also includes subscribers of the Discovery+ streaming service, which was launched in January.

After the pandemic’s pullback, advertising revenue recovered and was 28% higher internationally than the previous year. Discovery+ also drove an increase in domestic distribution revenue and international sales revenues over a year earlier.

The Animal Planet and TLC-owner is currently gearing up to combine with AT&T (NYSE:)’s WarnerMedia unit to create a new media business, seeking scale to take on streaming rivals such as Netflix Inc (NASDAQ:) and Walt Disney (NYSE.) Co. This deal should close around the middle of 2022.

The net income was $156million or 24 cents per shared.

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