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First Quarter 2015 Financial Highlights:    

• Revenues increased 9% to $1,537 million
• Adjusted OIBDA increased 8% to $568 million
• Adjusted Earnings per Diluted Share increased 11% to $0.42
• Repurchased $317 million worth of stock

Silver Spring, Maryland - May 5, 2015: Discovery Communications, Inc. ("Discovery" or the "Company") (NASDAQ: DISCA, DISCB, DISCK) today reported financial results for the first quarter ended March 31, 2015.

"2015 is off to a great start, as our strategy of investing in and owning world-class content to leverage across our unparalleled global distribution platform continues to drive operating momentum and strong financial results," said David Zaslav, President and CEO of Discovery Communications. "Despite facing a challenging U.S. marketplace and foreign currency headwinds, Discovery is successfully building market share, expanding our distribution and developing programming that resonates with audiences around the world. I'm extremely pleased with our strong performance this quarter and the numerous opportunities Discovery has in the months and years ahead."

First Quarter Results

First quarter revenues of $1,537 million increased $126 million, or 9%, over the first quarter a year ago, led by 10% growth at International Networks and 6% growth at U.S. Networks.  Adjusted Operating Income Before Depreciation and Amortization ("OIBDA") increased $43 million, or 8%, to $568 million, as 10% growth at U.S. Networks was partially offset by a 2% decline at International Networks.  Total Company revenues grew 17% and Adjusted OIBDA grew 14% excluding currency effects, as changes in foreign currency exchange rates reduced first quarter revenue growth by 8% and reduced Adjusted OIBDA growth by 6%.  Excluding currency effects, the Eurosport transaction and the consolidation of Discovery Family, total Company revenues increased 6% and Adjusted OIBDA increased 11%.

Discovery Communications, Inc.'s first quarter net income of $250 million ($0.37 per diluted share) increased $20 million, or 9%, compared to $230 million ($0.33 per diluted share) for the first quarter a year ago, as the strong operating performance in the current year and decrease in stock based compensation expense were partially offset by lower equity earnings, higher interest expense and higher restructuring charges. Adjusted Earnings Per Diluted Share ("Adjusted EPS"), which excludes the impact of amortization of acquisition-related intangible assets, was $0.42 in the first quarter of this year, up 11%, compared with $0.38 in the same period a year ago. Adjusted EPS increased 17% excluding currency effects, as changes in foreign currency exchange rates reduced first quarter Adjusted EPS by 6%. For the last twelve months, Adjusted EPS was $1.89, up 12% compared with $1.69 in the prior twelve months.

Free cash flow decreased to $29 million for the first quarter, as improved operating performance and a decrease in stock-based compensation was more than offset by the timing of tax payments and higher content payments. Free cash flow is defined as cash provided by operating activities less purchases of property and equipment.

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Discovery Communications First Quarter 2015 Results Press Release