If you’ve watched Discovery Channel, Shark Week, or Animal Planet, then you are familiar with a few of the most popular offerings from Discovery Communications. Creating more than 8,000 hours of original programming in 50 languages each year, the company distributes television and digital content around the world.
In March 2018, it became an even bigger player by finalizing the acquisition of Scripps Networks Interactive, bringing channels such as HGTV, Food Network, and Travel Channel into the fold. The resulting company, Discovery, Inc., boasts 3 billion viewers in 230 countries who consume its lifestyle entertainment.
The technical infrastructure for such a diverse and global operation is clearly top-of-mind. In 2016, Discovery Communications recognized that after growing quickly both in domestic and international markets, it needed to strengthen its controls and gain better confidence in its governance.
With day-to-day accounting functions spread across offices in upward of 20 countries, the company knew that it could benefit from standardization of controls from a global perspective, particularly around its account reconciliation and manual journal entry processes.
Prior to the recent merger, Discovery Communications had completed a rollout that automated its Account Reconciliations, Journal Entry, and Task Management processes, an upgrade intended to provide better oversight and global homogenization.
Strengthened control environment across global processes, achieved greater efficiency and visibility in account recs and journal entries, gained the ability to approve all journal entries prior to the monthly close, reduced the risk of reconciling incorrect balances, and received extremely positive BlackLine ratings in internal survey.