Discovery Inc. witnessed advertising revenues sinking 14% in the U.S. and 37% globally during its second-quarter period.
U.S. ad revenues were $997 million, while international ad revenues totaled $276 million.
Zaslav, president-CEO of Discovery, told analysts in an earnings call that the worst was now behind the company. He pointed to a U.S. ad recovery in May and June. However, Discovery's TV businesses in
Latin America are still lower.
Distribution revenues and carriage fees for its networks helped soften the blow -- U.S. intake was 7% higher to $739 million. International distribution was down 6% to $486 million.
Discovery's stock price was down 3% in early Wednesday morning trading to $21.34. Year-to-date, Discovery’s stock is down 35%.
Discovery’s international TV business -- particularly Eurosport TV network -- has been hit hard, due to lower advertising revenue, with the absence of live sports TV programming.
In the U.S., the company claims its U.S. networks gained more share in prime time than any other TV network group in its targeted demographics. Discovery says it tied with Fox TV networks for share gain among men 25-54, according to Nielsen-measured data.
Total company-wide Discovery revenues sank 12% to $2.5 billion, with net income falling 71% — from $947 million to $271 million.