Discovery reported its fourth quarter and full-year 2020 financials this morning. The fourth quarter of 2020 was the final quarter before streaming service Discovery+ was launched. Wall Street had forecast earnings per share of 72 cents on $2.83 billion in revenue, according to a consensus forecast compiled by Yahoo Finance. Discovery actually reported adjusted EPS of 76 cents on $2.886 billion in revenue.
Networks owned by Discovery were among those that non-subscribers to cable and cord cutters were most interested in seeing, according to a new survey by Beta Research.
David Zaslav, who helped orchestrate the $14.6 billion merger of Discovery and Scripps Networks earlier this year, will stay at the head of the combined company through 2023, Discovery revealed Wednesday. The executive, who has been at the helm of Discovery since 2007, had previously been on a contract slated to expire in 2020.
Newsy Ramps Up For 24/7 News
The subscription streaming service is set to lose most of the popular kids show plus a host of kids TV series from the Discovery/Hasbro stable on Feb. 2. The content getting yanked at the Discovery deal expires also includes most of Transformers: Rescue Bots. The two sides failed to reach an agreement on a new rights deal.
Discovery Communications is weighing up a joint bid for the struggling Ten Network Holdings with local pay TV monopoly Foxtel. Sources close to the negotiations confirmed Discovery is considering a joint bid that would give Foxtel a 14.9% stake in the third-ranked commercial broadcaster.