MUMBAI: Infotainment broadcaster Discovery has reported financial results for the first quarter ended 31 March 2013 which got a boost by the international networks. Revenues increased by seven per cent to $1.1 billion

Adjusted OIBDA decreased to $498 million (up eight per cent excluding licensing agreements and foreign currency). Net income increased by four per cent to $231 million

Discovery president and CEO David Zaslav said, "The significant operating momentum Discovery generated throughout 2012 continued unabated in the first quarter with more and more audiences around the globe viewing our unique programming.

"The sustained investment we have made in developing compelling content, along with the quality of our brands, translated into further market share gains, with record first quarter viewership at our domestic networks and 16 per cent audience growth across our international portfolio. As we continue to invest in the organic growth opportunities our diverse distribution platform provides, we have also completed several strategic acquisitions which we expect will further broaden our asset mix around the world and bolster our long-term growth prospects. 2013 is off to a great start and with continued focus on strong operating execution, we anticipate building on the financial success we have achieved over the last several years while delivering significant shareholder value."

First quarter revenues of $1.1 billion were up by $71 million, or seven per cent, compared to the first quarter a year ago, led by 17 per cent growth at International Networks and one per cent growth at US Networks which included the impact of additional licensing revenues in the prior year. OIBDA declined by two per cent to $498 million, as an eight per cent increase at International Networks was offset by a decrease of five per cent at US Networks due to the additional licensing revenue in last year?s quarter. Excluding the impact of licensing agreements and foreign currency, total company revenues increased by 12 per cent and adjusted OIBDA increased by eight per cent.

First quarter net income of $231 million increased by $10 million compared to $221 million for the first quarter a year ago, primarily due to the underlying operating performance in the current year?s quarter as well as a $92 million gain associated with the consolidation of Discovery Japan and $46 million of improved equity earnings, partially offset by higher taxes, increased mark-to-market equity-based compensation and $59 million of losses from hedging activities primarily associated with the acquisition of the SBS Nordic operations.

Free cash flow was $105 million for the first quarter, a decrease of $122 million from the first quarter of 2012, due to higher content investment as well as increased tax and long-term incentive compensation payments.

MUMBAI: US media conglomerate CBS CEO Leslie Moonves earned $62.2 million last year, according to a regulatory filing. This was an 11 per cent reduction compared to 2011.

Compensation for CBS executive chairman and controlling shareholder Sumner Redstone rose to $31.3 million from $20.2 million in 2011.

CBS said, "Under Mr. Moonves? leadership, CBS posted record results in 2012, with its highest revenues, operating income, and [earnings per share] since it became a standalone company in 2006. During this same year, CBS stock was up 40 per cent.

"This is the fourth consecutive year that the company?s performance significantly exceeded the S&P 500, resulting in a four-year period, during which CBS stock appreciated by approximately 15 times. In addition, the company?s content once again led the industry in 2012, and CBS was at the forefront of monetizing that content in a host of new, incremental ways. Mr. Moonves? compensation is reflective of all this success."

After Moonves non-fiction broadcaster Discovery CEO David Zaslav was the next highest-paid media executive in the US with $49.9 million in total compensation last year, based on Securities and Exchange Commission rules. Disney chairman, CEO Robert Iger made $40.2 million last year according to company filings.

MUMBAI: Television trade event MipTV has announced that Discovery president, CEO David Zaslav will present a keynote address on 9 April, as part of MipTV?s Media Mastermind keynotes series. Organised by Reed Midem, MipTV will take place in Cannes from 8-11 April, 2013.

Zaslav sets the strategy and oversees all operations of the non-fiction media company that reaches more than 1.8 billion cumulative subscribers in nearly 220 countries and territories. Discovery is dedicated to igniting curiosity and delivering the thrill of discovery through more than 150 worldwide television networks and a leading portfolio of digital media properties that attract approximately 25 million unique visitors per month.

At MipTV, Zaslav will discuss the global content environment, recent international M&A activity and his strategy for continued growth at the world?s largest pay-TV programmer.

Prior to Discovery, Zaslav had a career at NBC Universal. In 2007, he received a Trustees Award for Lifetime Achievement from the National Academy of Television Arts and Sciences (Natas).

Under Zaslav?s leadership, in September 2008 Discovery began trading as a public company on the Nasdaq stock exchange and has since delivered average double-digit profit growth over the past five years.

MUMBAI: Discovery has announced that revenues for 2012 was $4.4 billion increased $319 million, or eight per cent, over 2011 revenues, primarily driven by 13 per cent growth at International Networks and 5 per cent growth at U.S. Networks.

Adjusted OIBDA grew 9 per cent to $2,095 million, driven by an 8 per cent increase at U.S. Networks and a 12 per cent increase at International Networks. Excluding foreign currency fluctuations, full year revenues increased 9 per cent and Adjusted OIBDA increased 12 per cent.

But net income for the year from continuing operations available to Discovery stockholders was $954 million, decreasing by $181 million compared to $1.1 billion a year ago as the strong operating performance in the current year was more than offset by the prior year inclusion of a $102 million, net of tax, gain from the contribution of the Discovery Health network to the OWN: Oprah Winfrey Network (Own) joint venture as well as the recognition of foreign tax credits a year ago.

Current year results also included increased mark-to-market equity-based compensation, higher interest expense and lower equity earnings as the Company began recording 100 per cent of OWN?s net losses in 2012.

Free cash flow was $1 billion for the year, a decrease of $20 million from 2011, as better operating performance was more than offset by higher content investment, cash taxes and interest.

Discovery president, CEO David Zaslav said, ?Discovery?s commitment to investing in our brands and developing new and diverse growth opportunities produced another year of strong operating momentum and financial results in 2012. The appeal of our content resulted in larger audiences across the globe, enabling us to deliver consistently healthy advertising growth both domestically and internationally, while we further leveraged our valuable programming across emerging distribution platforms worldwide.

"At the same time, the strength of our balance sheet allowed us to make several strategic investments that we believe further bolster our asset portfolio, while also returning over $1.3 billion to shareholders this year. We head into 2013 with significant momentum, having just delivered the highest fourth quarter domestic viewership in our history, and will continue to invest in strategic growth initiatives so that we can deliver sustained long-term financial results and shareholder value.?

Fourth quarter revenues were $1.2 billion increased $94 million, or eight per cent, over the fourth quarter a year ago, led by 15 per cent growth at International Networks and four per cent growth at US Networks. Adjusted Operating Income Before Depreciation and Amortization (OIBDA) grew by nine per cent to $545 million, as a 17 per cent increase at International Networks, despite the adverse impact of foreign currency fluctuations, and a 7 per cent increase at US Networks, more than offset strategic transaction related costs recognised in the quarter. Excluding foreign currency fluctuations, fourth quarter revenues increased 9 per cent and Adjusted OIBDA increased 11 per cent.

Fourth quarter net income from continuing operations available to Discovery stockholders of $224 million decreased by $112 million compared to $336 million for the fourth quarter a year ago as the strong operating performance and improved equity earnings in the current year were more than offset primarily by higher taxes and increased mark-to-market equity-based compensation. The higher taxes were largely due to foreign tax credits recognized a year ago as well as an increase in tax reserves in the fourth quarter of 2012.

Free cash flow was $304 million for the fourth quarter, a decrease of $20 million from the fourth quarter of 2011, as improved operating performance was more than offset by higher content investment, interest and cash taxes. Free cash flow is defined as cash provided by operating activities less acquisitions of property and equipment.