The company revealed the news in a filing with the US Securities and Exchange commission on 24 March
Discovery, the parent company of European sport broadcaster Eurosport, has revealed that it expects to move between $175 million (£149m) and $200 million (£170m) of Olympics costs to 2021.
The move from the Japanese government and IOC to delay the event has left the broadcaster expecting to move its revenue and expenses from the competition to 2021. In a filing with the US Securities and Exchange commission (SEC) on 24 March, the company revealed that this totals between £149-170 million.
Eurosport holds the rights to broadcast the Olympics across Europe, and now will have to deal with filling its schedule this summer without it.
Discovery has also withdrawn its fiscal 2020 outlook to investors and will not update it after the suspensions to sport due to the coronavirus pandemic.
However, despite the bad news, Discovery has reported that audiences are growing. With many people stuck inside during Covid-19 lockdown measures, they have turned to television for entertainment.
Discovery said in its SEC filing: “The company has experienced an increase in ratings and delivery across many television viewing markets as many people are self-isolating at home. This is helping to offset attributed weakness from economic conditions, and the company is evaluating the impact of improved ratings and delivery on its performance.”