Discovery Inc. saw third quarter profit rise as revenue from advertising as well as cable and satellite distribution rose even as the company’s various TV products lost viewers overall.
The New York owner of the Food Network, Discovery Channel, HGTV and TLC cable networks said net income available to the company rose to $262 million, or 35 cents per share, compared with $117 million, or 16 cents per share, in the year-earlier period. Excluding one time items, the company earned 87 cents per share.
Revenue increased 3% to nearly $2.68 billion, compared with $2.59 billion.
In a statement, Discovery Chairman and CEO David Zaslav cited “healthy revenue growth in the U.S. and internationally” as a primary factor in the company’s results.
Discovery said its U.S. networks thrived largely on increases in ad pricing as well as higher rates in affiliate contracts, as well as new carriage of the properties on streaming outlets. Still, the company noted that its linear TV ratings fell during the period and that if faced “a decline in overall subscribers.”