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  • Lower Ad revenue curtails Discovery Communications Q3-16 numbers

    Lower Ad revenue curtails Discovery Communications Q3-16 numbers

    BENGALURU: An overall 4.1 per cent decline in advertising revenue for the quarter ended 30 September 2016 (Q3-16, current quarter) vis-à-vis the corresponding year ago quarter resulted in flat revenue for Discovery Communications Inc., (Discovery). The company reported overall revenue of $1,556 million for the current quarter versus $1,557 million in Q2-15. Overall Advertising revenue declined in Q3-16 to $670 million as compared to $699 million in Q2-15.

    Discovery’s other major revenue stream – Distribution, reported 3.9 per cent year-over-year (y-o-y) increase in the current quarter at $806 million as compared to $770 million. Discovery’s ‘Other’ revenue declined 2.4 per cent y-o-y to $80 million from $82 million.

    Operating income declined 9.3 per cent y-o-y in Q3-16 to $458 million from $505 million. The company’s adjusted Operating Income before Depreciation and Amortisation (OIBDA) declined 2.4 per cent in the current quarter to $562 million from $576 million.

    Geographical breakup:

    US Networks

    Discovery’s US Network’s revenue increased 1.5 per cent y-o-y in Q3-16 to $793 million from $781 million.  US Networks adjusted OIBDA improved 3.4 per cent y-o-y in Q3-16 to $458 million from $443 million.

    US Networks distribution revenue in the current quarter increased 6.7 per cent y-o-y to $458 million versus $443 million. US Networks advertising revenue declined 3.4 per cent y-o-y to $396 million in the current quarter from $410 million. US Networks ‘Other’ revenues in Q3-16 increased 14.3 per cent y-o-y to $16 million from $14 million.

    Discovery says that Distribution revenue growth was primarily driven by higher rates, partially offset by a slight decline in subscribers. Advertising revenues decreased primarily due to expected ratings declines, partially offset by higher pricing and inventory management.

    US Networks Operating expenses decreased 1 per cent mainly due to lower content amortization, partially offset by higher marketing costs. Adjusted OIBDA increased due to higher revenues and lower operating expenses.

    International Networks

    Discovery’s International Revenue in Q3-16 declined 2.7 per cent to $720 million from $740 million.  International Networks OIBDA declined 16.1 y-o-y per cent in the current quarter to $183 million from $218 million.

    International Networks Distribution revenue increased 1.4 per cent y-o-y in Q3-16 to $425 million from $419 million. International Networks Advertising revenue in the current quarter declined 5.5 per cent y-o-y in the current quarter to $273 million from $289 million. International Networks ‘Other’ revenue in Q3-16 declined 31.25 per cent y-o-y to $22 million from $32 million.

    The company says that changes in foreign currency exchange rates reduced third quarter International revenues and adjusted OIBDA growth by 5 per cent and 7 per cent, respectively. Distribution revenues, excluding the impact of currency effects, grew 8 per cent mostly due to higher affiliate rates in Latin America, Northern Europe and CEEMEA as well as higher volume in Latin America.

    Advertising revenues, excluding the impact of currency effects, declined, primarily due to lower ratings and pricing in Northern Europe, partially offset by higher volume in Southern Europe. Other revenues declined primarily due to lower Eurosport sub-licensing revenues.

    Education and Other

    ‘Education and Other’ revenues increased 19.4 per cent y-o-y to $43 million in the current quarter from $36 million. ‘Education and Other OIBDA improved by 80 per cent to a loss of $1 million from a loss of $5 million.

    The company says that Education and Other revenues for the third quarter increased by $7 million primarily due to higher production deliveries at the Studios production business and increased international revenues at the Education business. Adjusted OIBDA improved primarily due to higher revenues, partially offset by additional investments in the Education business.

    Other Developments

    On October 13, 2016, Discovery announced a plan to contribute $100 million and its digital network Seeker and production studio SourceFed in exchange for a 39 per cent minority interest in a new holding company, Group Nine Media. Group Nine Media includes digital companies Thrillist Media Group, Now This Media, and The Dodo. Discovery has the option to buy a controlling stake in Group Nine Media in the future. The transaction is expected to close in the fourth quarter of 2016, subject to customary closing conditions.

    Company speak

    “While we faced challenging but expected headwinds this quarter, Discovery is well positioned for long-term growth driven by our well-defined global brands, differentiated content and favourable distribution agreements,” said Discovery president and CEO David Zaslav, “We have continued to strengthen and maximize our traditional pay-TV offering with robust new programming while aggressively exploiting new opportunities to leverage our content across numerous digital platforms around the world. Amid an ever shifting global media ecosystem, Discovery is evolving to reach more consumers on more screens and platforms than ever before.”

  • Lower Ad revenue curtails Discovery Communications Q3-16 numbers

    Lower Ad revenue curtails Discovery Communications Q3-16 numbers

    BENGALURU: An overall 4.1 per cent decline in advertising revenue for the quarter ended 30 September 2016 (Q3-16, current quarter) vis-à-vis the corresponding year ago quarter resulted in flat revenue for Discovery Communications Inc., (Discovery). The company reported overall revenue of $1,556 million for the current quarter versus $1,557 million in Q2-15. Overall Advertising revenue declined in Q3-16 to $670 million as compared to $699 million in Q2-15.

    Discovery’s other major revenue stream – Distribution, reported 3.9 per cent year-over-year (y-o-y) increase in the current quarter at $806 million as compared to $770 million. Discovery’s ‘Other’ revenue declined 2.4 per cent y-o-y to $80 million from $82 million.

    Operating income declined 9.3 per cent y-o-y in Q3-16 to $458 million from $505 million. The company’s adjusted Operating Income before Depreciation and Amortisation (OIBDA) declined 2.4 per cent in the current quarter to $562 million from $576 million.

    Geographical breakup:

    US Networks

    Discovery’s US Network’s revenue increased 1.5 per cent y-o-y in Q3-16 to $793 million from $781 million.  US Networks adjusted OIBDA improved 3.4 per cent y-o-y in Q3-16 to $458 million from $443 million.

    US Networks distribution revenue in the current quarter increased 6.7 per cent y-o-y to $458 million versus $443 million. US Networks advertising revenue declined 3.4 per cent y-o-y to $396 million in the current quarter from $410 million. US Networks ‘Other’ revenues in Q3-16 increased 14.3 per cent y-o-y to $16 million from $14 million.

    Discovery says that Distribution revenue growth was primarily driven by higher rates, partially offset by a slight decline in subscribers. Advertising revenues decreased primarily due to expected ratings declines, partially offset by higher pricing and inventory management.

    US Networks Operating expenses decreased 1 per cent mainly due to lower content amortization, partially offset by higher marketing costs. Adjusted OIBDA increased due to higher revenues and lower operating expenses.

    International Networks

    Discovery’s International Revenue in Q3-16 declined 2.7 per cent to $720 million from $740 million.  International Networks OIBDA declined 16.1 y-o-y per cent in the current quarter to $183 million from $218 million.

    International Networks Distribution revenue increased 1.4 per cent y-o-y in Q3-16 to $425 million from $419 million. International Networks Advertising revenue in the current quarter declined 5.5 per cent y-o-y in the current quarter to $273 million from $289 million. International Networks ‘Other’ revenue in Q3-16 declined 31.25 per cent y-o-y to $22 million from $32 million.

    The company says that changes in foreign currency exchange rates reduced third quarter International revenues and adjusted OIBDA growth by 5 per cent and 7 per cent, respectively. Distribution revenues, excluding the impact of currency effects, grew 8 per cent mostly due to higher affiliate rates in Latin America, Northern Europe and CEEMEA as well as higher volume in Latin America.

    Advertising revenues, excluding the impact of currency effects, declined, primarily due to lower ratings and pricing in Northern Europe, partially offset by higher volume in Southern Europe. Other revenues declined primarily due to lower Eurosport sub-licensing revenues.

    Education and Other

    ‘Education and Other’ revenues increased 19.4 per cent y-o-y to $43 million in the current quarter from $36 million. ‘Education and Other OIBDA improved by 80 per cent to a loss of $1 million from a loss of $5 million.

    The company says that Education and Other revenues for the third quarter increased by $7 million primarily due to higher production deliveries at the Studios production business and increased international revenues at the Education business. Adjusted OIBDA improved primarily due to higher revenues, partially offset by additional investments in the Education business.

    Other Developments

    On October 13, 2016, Discovery announced a plan to contribute $100 million and its digital network Seeker and production studio SourceFed in exchange for a 39 per cent minority interest in a new holding company, Group Nine Media. Group Nine Media includes digital companies Thrillist Media Group, Now This Media, and The Dodo. Discovery has the option to buy a controlling stake in Group Nine Media in the future. The transaction is expected to close in the fourth quarter of 2016, subject to customary closing conditions.

    Company speak

    “While we faced challenging but expected headwinds this quarter, Discovery is well positioned for long-term growth driven by our well-defined global brands, differentiated content and favourable distribution agreements,” said Discovery president and CEO David Zaslav, “We have continued to strengthen and maximize our traditional pay-TV offering with robust new programming while aggressively exploiting new opportunities to leverage our content across numerous digital platforms around the world. Amid an ever shifting global media ecosystem, Discovery is evolving to reach more consumers on more screens and platforms than ever before.”

  • Q2-16: Distribution, other revenue push Discovery Communications revenue up 3.3 percent

    Q2-16: Distribution, other revenue push Discovery Communications revenue up 3.3 percent

    BENGALURU: An increase of $39 million (4.9 percent increase) in Distribution and an increase of $17 million (26.2 percent increase) of ‘Other’ revenue boosted Discovery Communications Inc., (Discovery) revenue by 3.3 percent for the quarter ended 30 June 2016 (Q2-16, current quarter) vis-à-vis the corresponding year ago quarter. Discovery reported total revenue of $1,708 million in Q2-16 as compared to $1,654 million in Q2-15.

    Discovery reported Distribution revenue of $813 million in the current quarter as compared to $775 million in the corresponding year ago quarter. Advertising revenue in Q2-16 was flat y-o-y (declined by $1 million or 0.1 percent) at $813 million as compared to $814 million in Q2-15. ‘Other’ revenue in Q2-16 was $82 million as compared to $65 million in the corresponding year ago quarter.

    “Discovery posted a solid quarter of growth and financial results by investing in premium and diversified content that fuels the passion of superfans on pay-TV, free-to-air, direct-to-consumer and digital platforms. Our differentiated portfolio of nonfiction, sports and children’s content in more than 220 markets positions Discovery for continued growth and shareholder value creation in the months and years to come,” said Discovery president and CEO David Zaslav.

    Segment results

    Discovery reports numbers from three segments – US Networks, International Networks, and Education and ‘Other’

    US Networks

    US Networks revenue in Q2-16 increased 7.2 percent to $873 million as compared to $812 million in Q2-15. Adjusted OIBDA in the current quarter from this segment increased 9.7 percent to $544 million (62 percent margin) from $496 million (61 percent margin) in Q2-15.

    Distribution revenue from US Networks increased 8.1 percent in Q2-16 to $386 million from $357 million in Q2-15. US Networks Advertising revenue increased 5.4 percent in the current quarter to $471 million from $447 million in Q2-15. US Networks ‘Other’ revenue in Q2-16 increased 60 percent y-o-y to $16 million from $10 million.

    Discovery says that US Networks Distribution revenue growth was primarily driven by higher rates, partially offset by slight declines in subscribers. Advertising revenues increased primarily due to higher pricing and inventory management, partially offset by lower delivery.

    International Networks

    Revenue from International Networks segment in Q2-16 declined 1.4 percent to $790 million from $819 million in the corresponding year ago quarter. Adjusted OIBDA from the segment in the current quarter declined 6.4 percent to $249 million from $266 million in Q2-15.

    International Networks Distribution revenue increased 2.2 percent to $427 million in Q2-16 as compared to $418 million in Q2-15. International Networks Advertising revenue in Q2-16 declined 6.8 percent to $342 million from $367 million in Q2-15. International Networks ‘Other’ revenue in the current quarter increased 31.3 percent to $21 million from $16 million.

    Discovery says changes in foreign currency exchange rates reduced second quarter international revenues and Adjusted OIBDA growth by 4 percent and 10 percent, respectively. Excluding currency effects and the impact of SBS Radio, total revenues were up 8 percent. Distribution revenues, excluding the impact of currency effects, grew 10 percent mostly due to higher affiliate rates in Northern Europe and CEEMEA as well as increased affiliate rates and subscribers in Latin America. Advertising revenues, excluding the impact of SBS Radio and currency effects, were up 5 percent, primarily due to higher volume and ratings in Southern Europe as well as higher pricing, ratings and volume in CEEMEA, partially offset by a decline in Northern Europe due to the impact of Brexit and lower ratings.

    Education and other

    Education and other revenue in Q2-16 increased 15 percent to $46 million from $40 million in Q2-15. The segment reported slightly higher negative adjusted OIBDA (reported a higher operating loss) at $3 million in the current quarter as compared to negative adjusted OIBDA of $2million in Q2-15.

    Discovery says Education and Other revenues for the second quarter increased by $6 million primarily due to higher external production deliveries at the Studios production business. Adjusted OIBDA remained relatively consistent primarily due to higher external Studios production deliveries, offset by additional investments in Education Techbooks.

     

  • Q2-16: Distribution, other revenue push Discovery Communications revenue up 3.3 percent

    Q2-16: Distribution, other revenue push Discovery Communications revenue up 3.3 percent

    BENGALURU: An increase of $39 million (4.9 percent increase) in Distribution and an increase of $17 million (26.2 percent increase) of ‘Other’ revenue boosted Discovery Communications Inc., (Discovery) revenue by 3.3 percent for the quarter ended 30 June 2016 (Q2-16, current quarter) vis-à-vis the corresponding year ago quarter. Discovery reported total revenue of $1,708 million in Q2-16 as compared to $1,654 million in Q2-15.

    Discovery reported Distribution revenue of $813 million in the current quarter as compared to $775 million in the corresponding year ago quarter. Advertising revenue in Q2-16 was flat y-o-y (declined by $1 million or 0.1 percent) at $813 million as compared to $814 million in Q2-15. ‘Other’ revenue in Q2-16 was $82 million as compared to $65 million in the corresponding year ago quarter.

    “Discovery posted a solid quarter of growth and financial results by investing in premium and diversified content that fuels the passion of superfans on pay-TV, free-to-air, direct-to-consumer and digital platforms. Our differentiated portfolio of nonfiction, sports and children’s content in more than 220 markets positions Discovery for continued growth and shareholder value creation in the months and years to come,” said Discovery president and CEO David Zaslav.

    Segment results

    Discovery reports numbers from three segments – US Networks, International Networks, and Education and ‘Other’

    US Networks

    US Networks revenue in Q2-16 increased 7.2 percent to $873 million as compared to $812 million in Q2-15. Adjusted OIBDA in the current quarter from this segment increased 9.7 percent to $544 million (62 percent margin) from $496 million (61 percent margin) in Q2-15.

    Distribution revenue from US Networks increased 8.1 percent in Q2-16 to $386 million from $357 million in Q2-15. US Networks Advertising revenue increased 5.4 percent in the current quarter to $471 million from $447 million in Q2-15. US Networks ‘Other’ revenue in Q2-16 increased 60 percent y-o-y to $16 million from $10 million.

    Discovery says that US Networks Distribution revenue growth was primarily driven by higher rates, partially offset by slight declines in subscribers. Advertising revenues increased primarily due to higher pricing and inventory management, partially offset by lower delivery.

    International Networks

    Revenue from International Networks segment in Q2-16 declined 1.4 percent to $790 million from $819 million in the corresponding year ago quarter. Adjusted OIBDA from the segment in the current quarter declined 6.4 percent to $249 million from $266 million in Q2-15.

    International Networks Distribution revenue increased 2.2 percent to $427 million in Q2-16 as compared to $418 million in Q2-15. International Networks Advertising revenue in Q2-16 declined 6.8 percent to $342 million from $367 million in Q2-15. International Networks ‘Other’ revenue in the current quarter increased 31.3 percent to $21 million from $16 million.

    Discovery says changes in foreign currency exchange rates reduced second quarter international revenues and Adjusted OIBDA growth by 4 percent and 10 percent, respectively. Excluding currency effects and the impact of SBS Radio, total revenues were up 8 percent. Distribution revenues, excluding the impact of currency effects, grew 10 percent mostly due to higher affiliate rates in Northern Europe and CEEMEA as well as increased affiliate rates and subscribers in Latin America. Advertising revenues, excluding the impact of SBS Radio and currency effects, were up 5 percent, primarily due to higher volume and ratings in Southern Europe as well as higher pricing, ratings and volume in CEEMEA, partially offset by a decline in Northern Europe due to the impact of Brexit and lower ratings.

    Education and other

    Education and other revenue in Q2-16 increased 15 percent to $46 million from $40 million in Q2-15. The segment reported slightly higher negative adjusted OIBDA (reported a higher operating loss) at $3 million in the current quarter as compared to negative adjusted OIBDA of $2million in Q2-15.

    Discovery says Education and Other revenues for the second quarter increased by $6 million primarily due to higher external production deliveries at the Studios production business. Adjusted OIBDA remained relatively consistent primarily due to higher external Studios production deliveries, offset by additional investments in Education Techbooks.

     

  • FY-2015: Forex retards Discovery Communications revenue, lowers adjusted OIBDA

    FY-2015: Forex retards Discovery Communications revenue, lowers adjusted OIBDA

    BENGALURU: Discovery Communications Inc. (Discovery) US Networks segment reported 6.1 per cent growth in revenue for the year ended 31 December, 2015 (FY-2015, current year) at $3,131 million as compared to $2,950 million in the previous year. These gains were offset by a 2.1 per cent decline in revenues in FY-2015 by its International Networks segment to $3,092 million as compared to $3,157 million in the previous year, primarily due to currency effects. Discovery reported revenue of $6,394 million in the current year as compared to $6,265 million in the previous year. 

    Adjusted Operating Income Before Depreciation and Amortisation (OIBDA) declined 3.7 per cent in FY-2015 to $2,398 million as compared to $2,491 million in the previous year. Net income available to Discovery in FY-2015 declined 9.2 per cent to $1,034 million ($1.58 per diluted share) compared to $1,139 million ($1.66 per diluted share) for FY-2014, primarily due to currency exchange rates, higher losses associated with the sale of businesses and lower equity earnings, partially offset by a decrease in taxes, restructuring costs and equity-based compensation.

    Discovery president and CEO David Zaslav said, “In 2015, Discovery Communications continued to build momentum with our unmatched worldwide brands and leading multiplatform distribution network. We surpassed three billion cumulative viewers, launched more new networks and increased audience and market share, all of which helped to drive steady global growth and strong financial results. Propelled by our category leadership, broad rights ownership and content and brand expansion across platforms, Discovery is well positioned to thrive in the rapidly evolving media landscape and to drive continued shareholder value in the years ahead.”

    For the quarter ended 31 December, 2015 (Q4-2015, current quarter), the company reported 1.8 per cent decline in revenue to $1,646 million as compared to $1,676 in the corresponding prior year quarter also primarily due to currency effects says Discovery. While US Networks reported 5.6 per cent increased revenues for Q4-2015 at $787 million from $745 million, International Networks revenue declined 7.7 per cent to $816 million from $884 million in Q4-2014. Adjusted OIBDA declined 10 per cent to $574 million in Q4-2015 from $638 million in Q4-2014. US Networks adjusted OIBDA in the current quarter increased 1.2 per cent to $410 million from $405 million. International Networks adjusted OIBDA declined 20.2 per cent to $262 million from $329 million in the corresponding prior year quarter.

    In Q4-2015, net income available to Discovery stockholders decreased to $219 million ($0.34 per diluted share) compared to $250 million ($0.38 per diluted share) for Q4-2014, primarily due to foreign currency exchange rates, losses associated with the sale of businesses and higher net income attributable to non-controlling interests, partially offset by a decrease in restructuring costs and higher earnings related to equity-method instruments says the company.

    Advertising and Distribution numbers

    Distribution revenues in FY-2015 increased eight per cent to $3,068 million from $2,842 in the previous year. Advertising revenues in FY-2015 declined 2.8 per cent to $3,004 million from $3,089 million in FY-2014. Discovery says that Distribution revenues, excluding the impact of Eurosport and currency effects, grew primarily due to increased rates and subscribers in Latin America as well as increased subscribers in CEEMEA. Advertising revenues, excluding the impact of Eurosport, SBS Radio and currency effects, were up primarily due to higher pricing and ratings in Southern Europe, higher pricing, volume and ratings in Latin America, and higher pricing in Northern Europe. 

    Excluding the impact of Eurosport, SBS Radio and foreign currency exchange rates, Adjusted OIBDA was up reflecting the revenue growth partially offset by an 11 per cent increase in operating expenses. The higher operating expenses were primarily due to increased content expenses and personnel costs.

    Distribution revenues in Q4-2015 increased 1.8 per cent to $759 million from $745 million in Q4-2014. Advertising revenues in the current quarter declined 3.2 per cent to $804 million from $831 million in the corresponding quarter of 2014.

    Discovery says that Distribution revenues, excluding the impact of Eurosport and currency effects, grew mainly from increased rates and subscribers in Latin America. Advertising revenues, excluding the impact of Eurosport, SBS Radio and currency effects, were up, primarily due to higher pricing and ratings in Southern Europe, higher pricing and volume in Latin America, and higher pricing and volume in Asia.

    Excluding the impact of Eurosport, SBS Radio and currency, Adjusted OIBDA was up one per cent, reflecting the revenue growth partially offset by an 18 per cent increase in operating expenses. The higher operating expenses were primarily due to increased content expenses and personnel costs.

  • FY-2015: Forex retards Discovery Communications revenue, lowers adjusted OIBDA

    FY-2015: Forex retards Discovery Communications revenue, lowers adjusted OIBDA

    BENGALURU: Discovery Communications Inc. (Discovery) US Networks segment reported 6.1 per cent growth in revenue for the year ended 31 December, 2015 (FY-2015, current year) at $3,131 million as compared to $2,950 million in the previous year. These gains were offset by a 2.1 per cent decline in revenues in FY-2015 by its International Networks segment to $3,092 million as compared to $3,157 million in the previous year, primarily due to currency effects. Discovery reported revenue of $6,394 million in the current year as compared to $6,265 million in the previous year. 

    Adjusted Operating Income Before Depreciation and Amortisation (OIBDA) declined 3.7 per cent in FY-2015 to $2,398 million as compared to $2,491 million in the previous year. Net income available to Discovery in FY-2015 declined 9.2 per cent to $1,034 million ($1.58 per diluted share) compared to $1,139 million ($1.66 per diluted share) for FY-2014, primarily due to currency exchange rates, higher losses associated with the sale of businesses and lower equity earnings, partially offset by a decrease in taxes, restructuring costs and equity-based compensation.

    Discovery president and CEO David Zaslav said, “In 2015, Discovery Communications continued to build momentum with our unmatched worldwide brands and leading multiplatform distribution network. We surpassed three billion cumulative viewers, launched more new networks and increased audience and market share, all of which helped to drive steady global growth and strong financial results. Propelled by our category leadership, broad rights ownership and content and brand expansion across platforms, Discovery is well positioned to thrive in the rapidly evolving media landscape and to drive continued shareholder value in the years ahead.”

    For the quarter ended 31 December, 2015 (Q4-2015, current quarter), the company reported 1.8 per cent decline in revenue to $1,646 million as compared to $1,676 in the corresponding prior year quarter also primarily due to currency effects says Discovery. While US Networks reported 5.6 per cent increased revenues for Q4-2015 at $787 million from $745 million, International Networks revenue declined 7.7 per cent to $816 million from $884 million in Q4-2014. Adjusted OIBDA declined 10 per cent to $574 million in Q4-2015 from $638 million in Q4-2014. US Networks adjusted OIBDA in the current quarter increased 1.2 per cent to $410 million from $405 million. International Networks adjusted OIBDA declined 20.2 per cent to $262 million from $329 million in the corresponding prior year quarter.

    In Q4-2015, net income available to Discovery stockholders decreased to $219 million ($0.34 per diluted share) compared to $250 million ($0.38 per diluted share) for Q4-2014, primarily due to foreign currency exchange rates, losses associated with the sale of businesses and higher net income attributable to non-controlling interests, partially offset by a decrease in restructuring costs and higher earnings related to equity-method instruments says the company.

    Advertising and Distribution numbers

    Distribution revenues in FY-2015 increased eight per cent to $3,068 million from $2,842 in the previous year. Advertising revenues in FY-2015 declined 2.8 per cent to $3,004 million from $3,089 million in FY-2014. Discovery says that Distribution revenues, excluding the impact of Eurosport and currency effects, grew primarily due to increased rates and subscribers in Latin America as well as increased subscribers in CEEMEA. Advertising revenues, excluding the impact of Eurosport, SBS Radio and currency effects, were up primarily due to higher pricing and ratings in Southern Europe, higher pricing, volume and ratings in Latin America, and higher pricing in Northern Europe. 

    Excluding the impact of Eurosport, SBS Radio and foreign currency exchange rates, Adjusted OIBDA was up reflecting the revenue growth partially offset by an 11 per cent increase in operating expenses. The higher operating expenses were primarily due to increased content expenses and personnel costs.

    Distribution revenues in Q4-2015 increased 1.8 per cent to $759 million from $745 million in Q4-2014. Advertising revenues in the current quarter declined 3.2 per cent to $804 million from $831 million in the corresponding quarter of 2014.

    Discovery says that Distribution revenues, excluding the impact of Eurosport and currency effects, grew mainly from increased rates and subscribers in Latin America. Advertising revenues, excluding the impact of Eurosport, SBS Radio and currency effects, were up, primarily due to higher pricing and ratings in Southern Europe, higher pricing and volume in Latin America, and higher pricing and volume in Asia.

    Excluding the impact of Eurosport, SBS Radio and currency, Adjusted OIBDA was up one per cent, reflecting the revenue growth partially offset by an 18 per cent increase in operating expenses. The higher operating expenses were primarily due to increased content expenses and personnel costs.