Discovery has tried to portray 2020 as a flat year despite its annual results showing a downward slope. Net income has shrunk by over 40% on both an annual and quarterly basis, and while the company is racking up Discovery+ subscribers, there is no indication that this is going to be strong enough to balance the books. Discovery’s annual revenue was down 4% YoY to $10.7 billion, with quarterly revenues essentially flat at $2.9 billion. Perhaps one could frame this as revenues ‘staying afloat’ in a tough year, but Discovery’s profit margins are shrinking significantly, with major drain coming from its International Networks segments. Annual net income shrank 41% to $1.2 billion, while quarterly profits were down 43% to $271…