SILVER SPRING, Maryland — Discovery Communications Inc. reported a steep increase in charges during the second quarter, with an executive acknowledging that it was mostly tied to the cancellation of TLC's "19 Kids and Counting."
The reality show, which featured the Duggar family, was cancelled last month following revelations that eldest son Josh Duggar molested some of his sisters and a babysitter when he was a teenager in 2002 and 2003. No charges have been filed.
For the three months ended June 30, Discovery reported $24 million in restructuring and other charges. That's up from $5 million in the prior-year period.
Chief Financial Officer Andrew Warren said during a conference call on Wednesday that the $19 million increase was mostly due to content impairment charges from cancelling the show.
Discovery posted quarterly earnings of $286 million, or 44 cents per share. Adjusted earnings were 49 cents per share. Discovery earned $379 million, or 54 cents per share, a year ago.
Revenue for the Silver Spring, Maryland-based company was $1.65 billion, up from $1.61 billion a year ago.
Its shares fell $2.87, or 8.7 percent, to $29.00 in midday trading Wednesday. Its shares are down 30 percent so far this year.
This story has been corrected to show that Discovery's headquarters is in Silver Spring, Maryland, not Englewood, Colorado.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DISCB at http://www.zacks.com/ap/DISCB
Keywords: Discovery Communications, Earnings Report