• by Wayne Friedman , November 3, 2015

U.S. ad revenues grew 6% to $410 million, due to higher pricing. U.S. affiliate fees from pay TV providers rose 12% to $357 million -- much of this from consolidation of Discovery Family. Leaving that out, those revenues climbed 7%.

Overall U.S. revenues grew 8% to $781 million.

But Todd Juenger, senior media analyst at Bernstein Research, believes core U.S. advertising results would seem to be a bit lower -- adjusting for Discovery Family results. He estimates Discovery U.S. networks witnessed about a 4% rise or 3% in third-quarter advertising revenues.

Juenger says: “Still a share gainer, better than we believe most companies will report.”

Discovery’s international businesses went in the opposite direction of its U.S. operations -- down 9% in revenue to $740 million. This was due to continued unfavorable changes in foreign currency rates, as well as the sale of its SBS Radio business and consolidation of its Eurosport operation.

Discovery Communications revenues were down 1% to $1.557 billion, with net income virtually flat at $283 million versus $287 million.

Barton Crockett of FBR & Co., writes: “Overall, the report was constructively consistent with our thesis that the wheels are not falling off the TV ecosystem. Instead, we see moderate — versus dramatically accelerating — pressures.”

Midday trading of Discovery’s stock was up 2.2% to $30.70.