Discovery Q2 Profit Fueled by Ad Sales as Streaming Subscribers Total 18 Million

Discovery Q2 Profit Fueled by Ad Sales as Streaming Subscribers Total 18 Million
Discovery said second-quarter profit increased as advertising rebounded from a pullback last year during the coronavirus pandemic and as the company attracted new customers — 18 million to date — to its new streaming operations.

Net income came to $672 million, or $1.01 per share, compared with $271 million, or 40 cents a share.

The New York owner of the HGTV, Food Network and Discovery Channel cable outlets said overall revenue in the second quarter rose 21% to $3.06 billion, compared with $2.54 billion in the year-earlier period. Discovery is in 2022 expected to take operational control of the assets of WarnerMedia now operated by AT&T.

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“Advertising revenue increased in every region of the globe and accelerated throughout the quarter,” said David Zaslav, CEO of Discovery, in a statement, adding that the company “continued to steadily execute in our emerging next generation businesses.”

Like many of its rivals,
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