Daily Journal masthead

Discovery Communications takes charge in 2Q related to "19 Kids and Counting" cancellation


SILVER SPRING, Maryland — Discovery Communications Inc. reported a steep increase in charges during the second quarter, with an executive acknowledging that it was mostly tied to the cancellation of TLC's "19 Kids and Counting."

The reality show, which featured the Duggar family, was cancelled last month following revelations that eldest son Josh Duggar molested some of his sisters and a babysitter when he was a teenager in 2002 and 2003. No charges have been filed.

For the three months ended June 30, Discovery reported $24 million in restructuring and other charges. That's up from $5 million in the prior-year period.

Chief Financial Officer Andrew Warren said during a conference call on Wednesday that the $19 million increase was mostly due to content impairment charges from cancelling the show.

Discovery posted quarterly earnings of $286 million, or 44 cents per share. Adjusted earnings were 49 cents per share. Discovery earned $379 million, or 54 cents per share, a year ago.

Revenue for the Silver Spring, Maryland-based company was $1.65 billion, up from $1.61 billion a year ago.

Its shares fell $2.87, or 8.7 percent, to $29.00 in midday trading Wednesday. Its shares are down 30 percent so far this year.


This story has been corrected to show that Discovery's headquarters is in Silver Spring, Maryland, not Englewood, Colorado.


Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DISCB at http://www.zacks.com/ap/DISCB


Keywords: Discovery Communications, Earnings Report

Think your friends should see this? Share it with them!

Story copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.

We also have more stories about:
(click the phrases to see a list)


Follow Daily Journal:

All content copyright ©2015 Daily Journal, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.