Discovery Lost Money in Q1 Due to Huge Scripps Deal

Discovery, Inc. lost money in the first quarter of 2018, which is the same period the company completed its near-$15 billion acquisition of Scripps Networks. Thankfully, there are accounting adjustments — and Trump’s new corporate tax plan helped, too.

Wall Street had forecast earnings per share (EPS) of 44 cents on $2.09 billion in revenue, per a Yahoo Finance-compiled consensus. With a ton of money movement available to Discovery accountants due to the Scripps deal, the David Zaslav-led corporation was eventually able to report 53 cents of EPS on $2.31 billion in revenue.

Without any of that Microsoft Excel wizardry, the new HGTV and Food Network owner shed a penny per share, or lost $8 million overall.

Discovery’s revenues rose double digits over the first three months of 2018 thanks in large part to its international rights for the Winter Olympics. Of course, the associated costs from PyeongChang, South Korea skyrocketed as well.

Also Read: Discovery Boss David Zaslav’s Pay Rose Above $42 Million Last Year

“The first quarter of 2018 was a historic and pivotal period for Discovery,” Zaslav said in his prepared remarks accompanying his company’s Q1 financials. “We closed on our transaction to acquire Scripps Networks Interactive, becoming the global leader in real life entertainment and home to an enhanced portfolio of quality and trusted enthusiast brands.”

“As our industry continues to evolve, we are uniquely positioned to maximize the value of our traditional pay-TV business while driving new opportunities and growth from our digital and direct to consumer businesses around the world,” the president and CEO added.

Zaslav and Discovery’s other executives will host a conference call at 8:30 a.m. ET to discuss the quarter in greater detail.

Shares of DISCA stock closed Monday afternoon at $23.39, up 23 cents for the day. The U.S. stock market will reopen for its regular trading day at 9:30 a.m. ET.

Related stories from TheWrap:

Weapon-Making Competition Series ‘Master of Arms’ Heads to Discovery (Exclusive)

Discovery Orders Steven Spielberg, Alex Gibney Docuseries ‘Why We Hate’

Rich Ross Out at Discovery: Company Unveils Post-Scripps Senior Executive Team

Discovery, Inc. lost money in the first quarter of 2018, which is the same period the company completed its near-$15 billion acquisition of Scripps Networks. Thankfully, there are accounting adjustments — and Trump’s new corporate tax plan helped, too.

Wall Street had forecast earnings per share (EPS) of 44 cents on $2.09 billion in revenue, per a Yahoo Finance-compiled consensus. With a ton of money movement available to Discovery accountants due to the Scripps deal, the David Zaslav-led corporation was eventually able to report 53 cents of EPS on $2.31 billion in revenue.

Without any of that Microsoft Excel wizardry, the new HGTV and Food Network owner shed a penny per share, or lost $8 million overall.

Discovery’s revenues rose double digits over the first three months of 2018 thanks in large part to its international rights for the Winter Olympics. Of course, the associated costs from PyeongChang, South Korea skyrocketed as well.

“The first quarter of 2018 was a historic and pivotal period for Discovery,” Zaslav said in his prepared remarks accompanying his company’s Q1 financials. “We closed on our transaction to acquire Scripps Networks Interactive, becoming the global leader in real life entertainment and home to an enhanced portfolio of quality and trusted enthusiast brands.”

“As our industry continues to evolve, we are uniquely positioned to maximize the value of our traditional pay-TV business while driving new opportunities and growth from our digital and direct to consumer businesses around the world,” the president and CEO added.

Zaslav and Discovery’s other executives will host a conference call at 8:30 a.m. ET to discuss the quarter in greater detail.

Shares of DISCA stock closed Monday afternoon at $23.39, up 23 cents for the day. The U.S. stock market will reopen for its regular trading day at 9:30 a.m. ET.

Related stories from TheWrap:

Weapon-Making Competition Series 'Master of Arms' Heads to Discovery (Exclusive)

Discovery Orders Steven Spielberg, Alex Gibney Docuseries 'Why We Hate'

Rich Ross Out at Discovery: Company Unveils Post-Scripps Senior Executive Team

Comcast Edges Estimates With Q1 Results Fueled By Olympics, Super Bowl

Along with the news of its game-changing bid for Sky, Comcast’s first-quarter results beat estimates with strength across divisions, highlighted by the addition of nearly 400,000 broadband subscribers and broadcast TV revenue booming 58%.
Total r…

Along with the news of its game-changing bid for Sky, Comcast’s first-quarter results beat estimates with strength across divisions, highlighted by the addition of nearly 400,000 broadband subscribers and broadcast TV revenue booming 58%. Total revenue revenue increased nearly 11% to $22.79 billion, edging the Thomson/Reuters analyst consensus of $22.74 billion. Earnings per share of 62 cents, on an adjusted basis, beat estimates of 59 cents. One problem area remains…

Abrams Artists Sweeps In To Sign Team USA Curling Gold Medal Winner Matt Hamilton

EXCLUSIVE: Abrams Artists Agency has signed Matt Hamilton, the mustachioed member of Team USA’s gold medal-winning men’s curling team at last month’s Winter Olympics in South Korea. He became NBC’s poster child of sorts amid the Americans’ surprising run through the field — which included victories over Canada and then Sweden in the finale to clinch the first U.S. gold in the sport, led by team captain John Shuster.
Hamilton’s Hollywood rep deal covers all areas…

EXCLUSIVE: Abrams Artists Agency has signed Matt Hamilton, the mustachioed member of Team USA’s gold medal-winning men’s curling team at last month’s Winter Olympics in South Korea. He became NBC’s poster child of sorts amid the Americans’ surprising run through the field — which included victories over Canada and then Sweden in the finale to clinch the first U.S. gold in the sport, led by team captain John Shuster. Hamilton’s Hollywood rep deal covers all areas…

Professional Competitive Gaming On the Rise, Overwatch Shows Olympic Potential

The Olympic Games are largely considered the world’s foremost athletic proving ground, both as a platform for athletes and their countries to assert dominance and as a form of legitimization for the sports they play. New sports are continuously being added to the Olympics and as skateboarding, karate, climbing, and surfing will debut at the […]

The Olympic Games are largely considered the world’s foremost athletic proving ground, both as a platform for athletes and their countries to assert dominance and as a form of legitimization for the sports they play. New sports are continuously being added to the Olympics and as skateboarding, karate, climbing, and surfing will debut at the […]

You Guys, Reese Witherspoon Finally Met Her Olympics Crush Adam Rippon (Video)

It’s just another New York City love story (that began in Pyeongchang, South Korea): On Wednesday, Reese Witherspoon finally met her Winter Olympics crush Adam Rippon, and it was exactly as sweet a moment as you’d expect from these two.

We owe you for this, Stephen Colbert.

“This is meant to be,” Witherspoon said after the “Late Show” host brought them together on stage. “This is the relationship the world has been waiting for.”

Also Read: Bask in Reese Witherspoon’s Mutual Love Fest With Olympic Medalists Adam Rippon and Mirai Nagasu

“You smell really good,” the actress added. “You’re more handsome in person than even on the ice.”

“I really needed this today, meeting Reese,” Rippon said. “Before I got out here, my life was like in shambles.”

Find out why via the video above.

Related stories from TheWrap:

Reese Witherspoon, Kerry Washington to Lead ‘Little Fires Everywhere’ TV Adaptation

Reese Witherspoon Likes Your Reese Witherspoon Memes (Video)

Reese Witherspoon, Oprah Winfrey Mock Photoshop Error in Vanity Fair Hollywood Issue

It’s just another New York City love story (that began in Pyeongchang, South Korea): On Wednesday, Reese Witherspoon finally met her Winter Olympics crush Adam Rippon, and it was exactly as sweet a moment as you’d expect from these two.

We owe you for this, Stephen Colbert.

“This is meant to be,” Witherspoon said after the “Late Show” host brought them together on stage. “This is the relationship the world has been waiting for.”

“You smell really good,” the actress added. “You’re more handsome in person than even on the ice.”

“I really needed this today, meeting Reese,” Rippon said. “Before I got out here, my life was like in shambles.”

Find out why via the video above.

Related stories from TheWrap:

Reese Witherspoon, Kerry Washington to Lead 'Little Fires Everywhere' TV Adaptation

Reese Witherspoon Likes Your Reese Witherspoon Memes (Video)

Reese Witherspoon, Oprah Winfrey Mock Photoshop Error in Vanity Fair Hollywood Issue

Adam Rippon Says He Would Talk to Mike Pence Post-Olympics

“Now that it’s [the Winter Olympics] all over, if that opportunity was out there, I would take that call,” Rippon told Stephen Colbert during Wednesday’s ‘Late Show.’read more


"Now that it's [the Winter Olympics] all over, if that opportunity was out there, I would take that call," Rippon told Stephen Colbert during Wednesday's 'Late Show.'

read more