Discovery Communications Inc (NASDAQ:DISCA) Q2 2018 Earnings Conference Call - Final Transcript

Aug 07, 2018 • 08:30 am ET

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Discovery Communications Inc (NASDAQ:DISCA) Q2 2018 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to the Second Quarter 2018 Discovery Inc Earnings Conference Call. [Operator Instructions]

It is now my pleasure to introduce Executive Vice President of Global Investor Strategy, Mr. Andrew Slabin. Please go ahead.

Executive
Andrew T. Slabin

Good morning, everyone. Thank you for joining us today for Discovery's 2018 second quarter earnings call. Joining me today is David Zaslav, our President and Chief Executive Officer; and Gunnar Wiedenfels, our Chief Financial Officer. You should have received our earnings release, but if not, feel free to access it on our website at corporate.discovery.com. On today's call, we will begin with some opening comments from David and Gunnar, after which we will open up the call for your questions. Please try to keep to one or two, so we can accommodate as many folks as possible.

Before we start, I would like to remind you that comments today regarding the company's future business plans, prospects and financial performance are forward-looking statements that we make pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are made based on management's current knowledge and assumptions about future events, and they involve risks and uncertainties that could cause actual results to differ materially from our expectations. In providing projections and other forward-looking statements, the company disclaims any intent or obligation to update them. For additional information on important factors that could affect these expectations, please see our Annual Report for the year ended December 31st, 2017, and our subsequent filings made with the US Securities and Exchange Commission.

And with that, I'd like to turn the call over to David.

Executive
David Zaslav

Good morning, everyone, and thanks for joining us today. For the second quarter, I'm happy to announce that Discovery delivered a solid set of financial results, continued to make strong progress with the integration of Scripps, and accelerated its pivot to become a global leader in digital and direct-to-consumer media. It is still very early day as the new Discovery, but we feel great about where we are and what we've accomplished so far, and even better about the opportunities ahead of us.

I'll spend a few minutes this morning going over performance and strategic highlights from the quarter before turning it over to Gunnar for a detailed look at our financials and our outlook. We feel great about our creative momentum as a combined company, which along with our significantly-enhanced cross-promotional and content-sharing capabilities, is strengthening our industry position and ratings and reinforcing the value of our whole portfolio. Discovery has the number one, two, and three networks for women in the US with ID, Food Network and HGTV. And in July, the Discovery Channel was not only the number one network for men, but the number one network for all of cable.

More compelling, is that our share of TV viewing across our entire portfolio is growing since the acquisition of Scripps. Today, Discovery enjoys the second largest share of total TV viewing in the