Discovery Q3 Profit Falls on Expenses, Even as Revenue, Digital Subscribers Rise

Discovery said its third quarter profit tumbled significantly due to higher expenses for its broadcast of the 2021 Summer Olympics and costs associated with its new direct-to-consumer businesses, even as its traditional lines of revenue increased and it added three million more subscribers for its streaming-video operations. The company is slated to take over WarnerMedia, currently owned by AT&T, in a transaction that is expected to be complete by the middle of 2022. The New York owner of the Food Network, Discovery Channel and TLC said net income fell to $156 million, down 48% when compared with $300 million in… Read Full Article