The channel lost money over cancelling the show.
It has been quite a few months since the fallout from the 19 Kids and Counting scandal. The family, who covered up oldest son Josh Duggar's molestation, was forcibly removed from the channel after all was revealed. However, the show was once one of the most popular shows on TV, so there was a lot to lose. Today, the owner of TLC, Discovery Communications, revealed just how much. The total? Somewhere around $19 million.
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The amount comes from the CFO of Discovery Communications, Andrew Warren. He said that the profits in the second quarter were low. The cause? “Higher restructuring and other charges this year of $19 million, primarily due to content impairment charges of canceling TLC’s 19 Kids & Counting,” according to the press conference.
As The Wrap points out, the figure for restructuring and other charges in the second quarter was actually $24 million, which was up $19 million from the same quarter in 2014. The loss comes not only from paying out on contracts with the large family, but also from sponsorship deals and broken crew contracts.
The Quarter 2 earnings report had a huge effect on the company’s stock (DISCA), which plummeted more than 12 percent on Wednesday–from $32.86 to $28.87 per share. Still, though they are facing problems from the money side, they are still up on the viewer side. Many people were happy when the channel stuck by morality and cancelled the show. The channel is still showing growth and moving toward the future.
“Driven by our unmatched portfolio and steady growth around the world, Discovery’s strong start to the year continued in the second quarter,” he said. Zaslav continued:
"We have carried that momentum into the third quarter and signed three landmark deals — the historic agreement for the Olympic Games in Europe, our agreement to acquire full ownership of Eurosport and our comprehensive long-term renewal with Comcast — that will bolster Discovery’s position and market share for years to come. I am pleased with the progress we made in the first half of the year and look forward to building our stable of content, IP and world-class platforms to drive viewer engagement and meaningful value to distributors, advertisers and shareholders now and into the future."
Only time will tell if it was actually worth it for TLC to cancel the show.
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