In general, cable networks and operators have weathered the past year’s recession relatively well. After a small profit decline in Q3, Discovery Communications (NSDQ: DISCA) ended the year on a positive note as distribution and advertising revenues both gained slightly. Full year revenues were also up 2 percent. The relatively good quarter sets the stage for Discovery’s anticipated rollout of the Oprah Winfrey Network (OWN) in the coming months. Advertising for the quarter was up 2 percent on higher ratings, while distribution revenue grew 4 percent. Meanwhile, Discovery didn’t hold the line on costs, as expenses increased 2 percent, not counting impairment charges.

		EPS*	Rev. vs Q408	Net Inc. vs Q408
Discovery Communications	Release		7%	46.2%

* vs. Analysts' Estimates: Beat Met Missed