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WELCOME DISCOVERY

By
Peter Lauria
Published Feb. 26, 2009, 6:53 a.m. ET

If its fourth-quarter profit is any indication, Discovery Communications just might be the best-equipped media company to weather a lengthy recession.

As other media companies reported sharp profit drops or losses in the fourth quarter, Discovery swung to a profit of $105 million, or 25 cents a share, compared with a loss of $170 million, or 60 cents a share, a year ago. Last year’s results included a $139 million writedown.

Revenue of $904 million was essentially flat compared with a year ago.

For 2009, Discovery projected slightly higher earnings on revenue of between $3.4 billion and $3.5 billion.

The company’s shares skyrocketed in trading yesterday, ending the session up 12.6 percent, or $1.67, to $14.93.

Driving the growth was higher ratings at Discovery’s US cable networks, which include Discovery Channel, TLC and Animal Planet, which spurred a 6 percent jump in advertising revenue. Other Discovery channels include the upcoming OWN, which is a partnership with Oprah Winfrey’s production company, and Planet Green.

While many of its competitors have been hurt by slow growing or contracting businesses, Discovery appears to be benefiting from being a pure-play cable-network company.

Discovery’s networks are among the top-rated brands in the world, and attract demographics that advertisers covet. For example, Discovery Channel draws a heavy male audience, while TLC is predominately female.