Discovery Communications reported a profit in the fourth quarter after recording a loss a year ago, TelevisionWeek says. Ad revenues at its U.S. cable networks were up 6% and distribution revenue rose 13%. Next year, the company is expecting revenues and earnings to be flat. It said it expects to invest between $70 million and $80 million to launch OWN, the Oprah Winfrey Network. Discovery’s full earnings announcement can be found here.