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In Dec., $DISCA launched Discovery GO in partnership with several US distributors. Initials results are good as the number of users, ad streams and ad dollars are ahead of plan. Internationally, $DISCA is rolling out a Kids TV Everywhere product called Discovery Kids Play in Latin America which launched with Sky in Brazil and with Dish in Mexico.
$DISCA launched Motor Trend OnDemand, a supercharged automotive product for motoring fans available now on Amazon Channels in the UK. Motor Trend OnDemand is a premium SVOD product offering one of the biggest global video destinations for automotive and premier motor sport content.
$DISCA said Enrique R. Martínez, President & Managing Director of Discovery Latin America/US Hispanic, will retire at 2017-end. Martínez will assume an advisory role for Discovery Networks International, reporting to JB Perrette, President & CEO of DNI. Fernando Medin has been promoted to lead the DLA/USH division, effective January 1, 2018.
$DISCK $DISCA promoted Elisa Freeman to EVP, Domestic & Canadian Distribution. Reporting to Eric Phillips, President, Domestic Distribution, Freeman will continue to play a pivotal role in the division’s content distribution strategy, negotiations and compliance with key distributors for Discovery's content portfolio of 13 U.S. networks.
$DISCA has hired Francis Keeling as SVP of International Digital. Jay Trinidad, currently running Discovery Northern Asia, has the additional role of Managing Director, Digital Ventures, and Eugene Huang is appointed to the role of SVP, Product and Technology. All three will report to Michael Lang, President, International Development & Digital.
$DISCA $DISCB $DISCK commenced an underwritten public offering of one or more series of senior fixed rate notes and senior floating rate notes. The Company intends to use the net proceeds to fund a portion of the cash consideration relating to the acquisition of Scripps Networks Interactive, Inc. and to pay related fees and expenses.
$DISCA to develop premium mid-form shows for Watch, a new platform for shows on $FB. The company will produce shows both inspired by leading Discovery Communications’ properties and created exclusively for Facebook. $FB introduced Watch to a limited group of people in the U.S. recently. The platform is rolling out more broadly.
$DISCA said direct-to-consumer business will be a major part of its operations in the coming quarters, and the main focus will be sporting events in the US and Europe. Discovery is close to forming a partnership with German public broadcaster ARD ZDF to broadcast some major events.
$DISCA revised down revenue growth outlook for fiscal 2017 to around 4% from the earlier forecast of 6%. Full year adjusted profit is currently estimated to be flat, compared to the previous outlook of 3% growth. The company is currently focused on driving digital growth mainly in the areas of ad-supported online video and subscription-based OTT.
$DISCA plans to realize half of the synergies from the acquisition of $SNI in the first year after closing the transaction. The company intends to use all of its free cash flows towards paying debt until it returns to the projected gross leverage ratio. Discovery will also suspend share repurchases until it achieves the target.
$DISCA said that pursuant to its planned acquisition of $SNI, shareholders of Scripps Networks will receive a 70-30 mix of cash and stock of Discovery Communications. The cash portion will be funded from cash on hand and new debt. The transaction is expected to be accretive to Discovery’s free cash flow and adjusted earnings after the first year.
Media firm $DISCA has signed an agreement to acquire $SNI, a developer of TV content, for $14.6Bil in a cash-and-stock transaction. The acquisition, which is expected to close in early 2018, will be accretive to the company’s adjusted EPS and cash flow in the first year. Scripps shareholders will receive $90 per share, comprising cash and stock.
Revenues of $DISCA’s US Networks division grew 2% in 2Q17 compared to last year, and those of International Networks grew 3% .The upturn reflected strong distribution growth both in the US and the international market. Education and Other revenues decreased 4% annually, owing primarily to the impact of sale of the Raw and Betty production studios.
Entertainment firm $DISCA said its 2Q17 profit dropped 8% as higher revenues and lower restructuring charges were offset by currency-related and transactional losses. EPS declined 3%YoY to $0.64, and adjusted EPS decreased 4%. Revenues advanced 2% annually to $1.75Bil, helped by improved performance by both the US and international networks.
$DISCA has partnered with Will Packer to form a production company called Will Packer Media. Will Packer will serve as CEO of the new company. Tricia Clarke-Stone, co-founder of creative agency Narrative_, has been named Will Packer Media’s Head of Brand Studio. Alix Baudin has joined the new company as Co-Founder, President and COO.
Will Packer Media, a production company formed by movie producer Will Packer in partnership with $DISCA and Universal Pictures, has entered into a unique programming relationship with Oprah Winfrey Network. Will Packer Media has also acquired creative and technology agency Narrative_, which will form a core part of the new company.
$DISCA and Universal Pictures have partnered with Hollywood producer Will Packer to form Will Packer Media, a production and branded content company. The venture will focus on the New American Mainstream audience. Will Packer Media will have offices in Los Angeles, New York City and Atlanta. Financial terms were not disclosed.
Discovery Education, powered by $DISCA $DISCK, announced a renewal of its 17-year partnership with Georgia Public Broadcasting (GPB). This collaboration delivered almost 43MM digital learning objects from the award-winning Discovery Education Streaming service to teachers and students across the state.
$DISCA has appointed Christopher McGrath as SVP, Data & Analytics. Based in Discovery’s New York office, McGrath will report to Chief Technology Officer John Honeycutt. Previously, McGrath served as SVP, Data Strategy & Consumer Intelligence, at $VIA. He has also held e-commerce and analyst roles at Starwood Hotels and Bertelsmann.