The company said it"pursued a number of cost savings initiatives that it believes will offset a portion of potential revenue losses and deferrals due to the impact of COVID-19" as revenue fell slightly below estimates.
The company also said it has amended provisions in credit agreements "to preserve flexibility" amid the pandemic uncertainty and pursued "cost savings initiatives." Total Discovery portfolio pay TV subscribers declined 6 percent from the first quarter of 2019, with subs for fully distributed networks down 4 percent. The declines worsened compared with the fourth quarter of 2019. , gave little new immediate color on the virus crisis' business fallout ahead, but TV firms have mentioned improved TV ratings for its networks portfolios amid the virus crisis.
Discovery also mentioned on Thursday that, in response to the pandemic, it "pursued a number of cost savings initiatives that it believes will offset a portion of potential revenue losses and deferrals due to the impact of COVID-19, through the implementation of travel, marketing, production and other operating cost reductions." It didn't share further details.
Discovery in 2018 closed its $14.6 billion acquisition of Scripps Networks Interactive. "The impact of COVID-19 thus far has driven a significant linear ratings tailwind for Discovery’s acquired Scripps networks and Discovery’s legacy networks," Cowen analyst Doug Creutz wrote in an earnings preview. "However, given an extremely weak ad market, we don’t expect the company to be able to monetize the improved ratings to any great extent.
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