Discovery Says It Has Paid Down a Chunk of the Debt From OWN -- But It Appears the Company Still Has a Long Way to Go THR
Discovery Communications revealed how much of the debt tied to Oprah Winfrey's OWN cable network the company has paid down.
According to The Hollywood Reporter, which cites Discovery Chief Financial Officer Andrew Warren, Discovery said it has paid down $34 million of the OWN debt, although it has about $500 million more to pay.
Warren said the company will increase the amount of debt it pays down this year.
“Discovery doesn't break out financials for OWN, but during a conference call with analysts to discuss overall earnings, executives were bullish about ad sales for OWN in the current quarter despite stiff competition from the Sochi Winter Olympics,” THR reports.
Income from “equity investees,” which is thought to be primarily from OWN, was $18 million in 2013, the story notes.