Discovery Communications’ first-quarter earnings suffered amid the woes of Oprah Winfrey’s cable network OWN, with the company reporting a lower-than-expected profit, reports The New York Times’ Media Decoder.
The company said net income fell to $221 million, or 57 cents per share, down from $305 million, or 74 cents per share, in the year-earlier quarter. Discovery had been forecast to report profit of 60 cents per share.
Discovery hasn’t detailed how much OWN has lost, although some insight into recent losses was gained from the report. During the first quarter, the company started recording all of OWN’s net losses in a separate category. That category showed a $50 million loss in the first three months, compared with $7 million a year earlier, the piece notes.
Discovery Chief Executive David Zaslav said on a conference call that he expects the network to break even in the second half of 2013.
“We remain confident in the growth potential of this network,” Zaslav said.