The "historic year" as described by President and CEO, David Zaslav also included approval by the US DOJ for the acquisition of Scripps Networks.
Discovery Communications announced a 11% increase in fourth-quarter revenue and the U.S. Justice Department gave the approval for a $14.6 billion acquisition of Scripps Networks.
Discovery attributed its quarterly performance to 13% growth at International Networks and 10% growth at U.S. Networks. The companys adjusted OIBDA rose 10% to $636 million owing to the growth in those segments, partially offset by higher corporate costs.
2017 was an historic year for Discovery. We took significant steps to position ourselves for success in a changing industry, while driving growth from our traditional linear business and accelerating our investments in new growth areas like digital and mobile in an effort to reach superfans on every screen, said David Zaslav, President and CEO of Discovery Communications, in a statement. Solid global advertising and distribution revenue growth helped us achieve our 2017 strategic and financial objectives. Additionally, we remain excited by the prospects for a combined Discovery and Scripps Networks.
International networks revenues rose 13% to $927 million and adjusted OIBDA increased 9% to $249 million.
In addition to fairly positive quarterly results, Discovery shared news that the DOJ had officially signed off on its acquisition of Scripps. The deal is still subject to a review in Ireland and other closing conditions. Discovery said the transaction is expected to close by the end of the first quarter 2018.
Until the deal closes Scripps, which announced its fourth-quarter and full-year earnings on Monday, will continue to operate as a separate company.
