Discovery is 'cautiously optimistic about the global outlook for the rest of the year,' says CEO David Zaslav, lauding the 'durability of our business, especially against the backdrop of a historic disruption to the global advertising market.'
Discovery on Wednesday reported lower, but better-than-expected financials, including U.S. advertising revenue, for the second quarter amid the novel coronavirus pandemic, which had its first full-quarter impact in the period.
The company's U.S. TV advertising had been down 20 percent in April, while May and June were looking somewhat better, management had previously said. In mid-June, president and told an investor conference that Discovery's April advertising came in down 18 percent from the year-ago period, and "May and June look to be better, significantly better."
He also highlighted "our significant liquidity cushion and the initial signs of stabilization that we're seeing in many of our key markets around the world," telling Wall Street that Discovery would resume returning capital to shareholders via stock buyback. And the firm said TLC "delivered its best quarter in network history and was the top network across all of TV on Sunday nights among W25-54, P25-54 and W18-49, driven by the performance of the '90 Day Fiancé' franchise. The network also continues to be the No. 1 destination for women on cable TV in 2020."
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