February 27, 2018 / 12:27 PM / 6 months ago

Discovery's revenue tops estimates on higher advertising

(Reuters) - Discovery Communications Inc’s revenue topped analysts’ forecasts in the fourth quarter as the owner of Discovery Channel and Animal Planet benefited from higher advertising income across its networks.

FILE PHOTO: The Discovery Communications headquarters building is seen in Silver Spring, Maryland December 3, 2009. REUTERS/Jim Bourg/File Photo

Discovery said on Tuesday advertising revenue from its U.S. networks rose 8 percent in the quarter ended Dec. 31, while ad revenue from international networks climbed 11 percent.

The company also said it expects to close its $14.6 billion acquisition of U.S. peer Scripps Network Interactive by the end of the first quarter of 2018. Discovery is awaiting the completion of a review by regulators in Ireland.

Discovery said its net loss was $1.14 billion in the fourth quarter, compared to a profit of $304 million, a year earlier. Results included a $1.3 billion one-time goodwill impairment charge.

Excluding one-time items, Discovery earned 47 cents per share.

Revenue rose 11.5 percent to $1.86 billion, beating analysts’ estimates of $1.79 billion, according to Thomson Reuters I/B/E/S.

Shares of Silver Spring, Maryland-based Discovery rose 1.3 percent in premarket trading on Tuesday.

Reporting by Sonam Rai in Bengaluru; Editing by Sai Sachin Ravikumar

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