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Discovery, Inc. (DISCA) Misses Fourth Quarter Estimates, Grows Revenue by 10%

Thursday, February 24, 2022 12:46 PM | Kyle Depontes

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Discovery, Inc. (DISCA) Misses Fourth Quarter Estimates, Grows Revenue by 10%

Discovery, Inc. (DISCA) stock fell close to 2% today after the global media provider, whose television networks include Discovery and TLC, announced financial results for the fourth quarter and full year of 2021.

The company posted Q4 total revenues of $3.1 billion, an increase of 10% year-over-year.

Net income came in at $38 million and $1.006 billion in Q4 and the full year 2021, respectively.

Growing Subscribers

David Zaslav, President and CEO of Discovery, praised the company's "exceptional" year and stated that Discovery achieved significant "operational, financial, and strategic objectives."

Zaslev added, "We grew our global DTC paying subscribers to 22 million, a tailwind for our strong distribution revenue growth of 11%, while global advertising revenues grew 10% due to continued strength in our key markets and share gains."

Overall, the company ended 2021 with 22 million DTC Subscribers, an increase of 2 million subscribers since the end of Q3.

Merger Update

Discovery also gave an update on its proposed merger with WarnerMedia, a subdivision of AT&T.

If approved, the deal would create a TV, film and streaming giant that would include more than a half-dozen top cable networks, CNN and HBO among them, plus the Warner Bros. studio.

Zaslav continued, “We, of course, are pleased to receive unconditional clearance from the European Commission, the expiration of the HSR waiting period, and clearance from other key international markets, and AT&T having received a favorable private letter ruling from the IRS."

We also filed our merger proxy earlier this month and have scheduled our stockholder meeting for March 11th. Following the vote, and assuming the deal is approved by our stockholders, we expect to be on track to close in Q2.”

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