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Discovery Reports Higher First-Quarter Earnings (B&C)
Discovery Communications reported higher first-quarter earnings as international growth offset a decline in digital distribution revenue. First-quarter net income rose 4 percent to $231 million, or 63 cents a share, from $221 million, or 57 cents a share. The Wrap / The Box Discovery also said it expects Oprah Winfrey’s OWN to meet its previously stated goal of breaking even in cash flow in the second half of this year, Discovery president and CEO David Zaslav said. OWN viewership was up 3 percent in its key women 25-54 demographic in the first quarter, even though the first quarter of 2012 included OWN’s highest-rated broadcast, Winfrey’s interview with Whitney Houston’s daughter. THR The latest figure was impacted by a range of factors in addition to what the company called “the strong underlying operating performance in the current year’s quarter.” Among the items affecting the latest profit were a $92 million gain from the consolidation of results for Discovery Japan and $46 million of improved equity earnings, but also higher equity-based compensation expenses and a $59 million loss from “hedging activities primarily associated with the acquisition of the SBS Nordic operations.” Read more

The Observer: After a rough 2009, it looks like Conde Nast CEO Chuck Townsend is ushering in the New Year with pep talks for every publication.

Silicon Alley Insider: Comcast is in talks to carry ESPN‘s 3D channel.

New York Times: Speaking of 3D, Discovery is set to show the pyramids and the Great Wall of China in 3D on its upcoming channels set for 2011.

Vanity Fair/CNET: A Twitter trend piece gets ripped apart for its pointlessness. At least there’s links to the subjects’ Twitter feeds now.

Variety: The Philadelphia Inquirer‘s executive online editor Chris Krewson has been named the new editor of Variety.com.