• Loading stock data...
Saturday, November 2, 2024
The Best Employers in Sports survey is open through Nov. 6 Learn More

Olympics Boost Discovery’s $3.15B Quarter

Danielle Parhizkaran-USA TODAY Sports/Design: Alex Brooks

Discovery reported a 23% year-over-year increase in revenue to $3.15 billion and a total of 20 million paying subscribers in Wednesday’s third-quarter earnings report.

The 3 million subscribers added in the quarter were largely due to Discovery’s broadcasting of the Tokyo Olympics in Europe. It has a $1.5 billion deal for European rights to the 2018-2024 Olympic Games.

The company said it “reached over 372 million people in Europe across TV and digital platforms, and delivered 1.3 billion minutes of Olympics content” on its streaming services during the Summer Games. 

U.S. advertising and distribution revenue increased a respective 5% and 21% during the quarter, while international ad and distribution revenue rose 28% and 7%.

Expenses from the Olympics and streaming growth offset the success.

  • The platform’s year-over-year earnings fell to $156 million in Q3, down from $300 million.
  • Discovery’s linear subscribers dropped 8% year-over-year, partially due to the sale of its Great American Country network.
  • U.S. operating expenses increased 26% to $895 million, and international operating expenses skyrocketed to $1.27 billion — up 77%.

The broadcaster has a merger pending with AT&T’s WarnerMedia. The combined company is expected to have $52 billion in revenue next year.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Olympic Sport College Coaches Hire Lobbyists Amid NCAA Upheaval

The NCAA and power conferences have spent millions on an effort to preserve amateurism.

Comcast’s Olympic Gold: Paris Games Spark Surge in Peacock Subscribers

Company revenue and Peacock subscriptions rise thanks to a big Olympics boost.

Lululemon-Fanatics Collab With NHL Sees ‘Explosive’ First-Day Sales

The premium collection made up 80% of all NHL merch sales.
Feb 1, 2024; Toronto, Ontario, CANADA; Team King defender Savannah Harmon (15) scores against Team Kloss goaltender Nicole Hensley (29) during the PWHL 3-on-3 Showcase during NHL All-Star Thursday at Scotiabank Arena.

PWHL Will Add Two Teams in Expansion Move

Possible new sites include Detroit, Pittsburgh, and Quebec City.
podcast thumbnail mobile
Front Office Sports Today

First-Ever 12-Team CFP Takes Shape

0:00

Featured Today

Sep 28, 2024; Tuscaloosa, Alabama, USA; GOP Presidential candidate Donald Trump waves flanked by former Georgia Bulldogs player Herschel Walker, recording art Kid Rock, professional golfer John Daily, Alabama senators Tommy Tuberville (R) and Katie Britt (R) during the second half of the game between the Alabama Crimson Tide and the Georgia Bulldogs at Bryant-Denny Stadium.

Mission Swing State: College Football’s Political Advertising Battle

Trump, Harris, and the PACs that support them are utilizing the sport.
October 31, 2024

The Untapped Revenue ‘Powder Keg’ of Women’s NFL Fandom

There’s a “boatload” of money at stake for brands and the league.
Oct 19, 2024; Gainesville, Florida, USA; Florida Gators quarterback DJ Lagway (2) shakes hands while entering the locker room after a game against the Kentucky Wildcats at Ben Hill Griffin Stadium.
October 28, 2024

NIL Director Is the Trendy New Job in College Sports. But the Role Is Chaos

Athletic departments nationwide are hiring for what’s become their most important position.
FuboTV signage
opinion
October 26, 2024

Fubo’s Fight Against Streaming Giants Feels Futile

Fubo notched a legal win, but subs and stock still slump.
Fubo-TV

Fubo Reports 9% Subscriber Growth As Venu Sports Trial Looms

The sports-focused streamer grew revenue by 21%.
October 31, 2024

World Series Delivers 7-Year Ratings Record, Marking MLB’s Big Comeback

Viewership of the five-game win by the Dodgers soared by 74% over last year.
Adam Schefter
November 1, 2024

Adam Schefter Uses Same Pirated NFL Clips As Everyone Else

ESPN’s NFL insider posted a video from an illegal stream Thursday night.
Sponsored

World Series Delivers High-Demand Marquee Matchup

The hype around the World Series matchup drove ticket prices to record levels—but the Dodgers’ dominance quickly quieted the fervor.
October 30, 2024

World Series Game 4 Draws 16.7M Viewers, Up 92% From 2023

The average audience of 16.7 million nearly doubles the comparable figure from last year.
October 30, 2024

Controversy, Championship Battles Keep F1 Viewers Tuned In

Lando Norris and Max Verstappen had a controversial encounter again Sunday.
October 30, 2024

NFL TV Ratings Up and Down in October As Election Draws Near

The NFL took an 8% ratings hit around the 2016 presidential cycle.
October 29, 2024

Baseball Wins the Night: World Series Outdraws ‘Monday Night Football’

MLB gains a rare head-to-head viewership win over the NFL.