- Discovery (NASDAQ:DISCA) shares are up 1% pre-market after Q4 results that beat consensus estimates on the top and bottom line and provided visibility on streaming subscribers.
- Revenue was flat on the year at $2.89B with flat U.S. ad sales. International ad sales were down 1% and distribution sales wre down 4%, both ex-FX.
- EPS was $0.76, four cents above consensus.
- Adjusted OIBDA dropped 9% on the year to $1B.
- Cash from operations totaled $553M and FCF was $441M.
- The company expects to have 12M global paid subscribers for its newly launched Discovery+ streaming service by the end of this month.
- During Q4, fuboTV went public. Discovery's minority investment led to a recognized total gain of $126M.
- Press release.