Discovery Communications chalked up an 11% increase in revenue in the second quarter, but despite growth in operating profits, its net income declined from a year ago.
Net income was $106 million, or 25 cents a share, down from $177 million, or 42 cents a share, a year ago, when Discovery registered a gain from the sale of 50% of Discovery Kids. The recently concluded quarter also included losses from ending some borrowings. Excluding those items, the company said net income was up $80 million in the quarter.
Discovery cashed in on the improvement in the advertising market, with second-quarter revenues rising to $963 million, compared to $865 million a year ago.
The company also said it plans to buy up to $1 billion of its own stock.