Discovery, Inc. ("Discovery" or the "Company") (NASDAQ: DISCA, DISCB, DISCK) today reported financial results for the quarter ended March 31, 2020.
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TORONTO , May 11, 2020 /PRNewswire/ -- Torque Esports Corp. (GAME.V) (MLLLD) ("Torque", formerly Millennial Esports Corp.), Frankly Inc. (TLK.V) (FRNKF) ("Frankly"), and WinView, Inc. ("WinView") today announced the completion of the business combination previously announced on March 10, 2020 resulting in the acquisition of each of Frankly and WinView by Torque, which will soon change its name to Engine Media Holdings, Inc. ("Engine Media"). It is expected that this transaction will place Engine Media at the forefront of esports, news streaming and sports gaming across multiple media platforms.
DISCA, DISCB earnings call for the period ending March 31, 2020.
Q1 2020 Discovery Inc Earnings Call
Discovery, Inc. (the "Company") (Nasdaq: DISCA, DISCB, DISCK) today announced the commencement of (i) a cash tender offer (the "Any and All Offer") by its wholly-owned subsidiary, Discovery Communications, LLC ("DCL"), for any and all of the outstanding senior notes listed in Table 1 below (collectively, the "Any and All Notes" and (ii) cash tender offers (collectively, the "Waterfall Offer") by DCL and its wholly-owned subsidiary Scripps Networks Interactive, Inc. ("SNI" and together with DCL, the "Offerors") for up to $1,500,000,000 less the aggregate principal amount of the Any and All Notes validly tendered and accepted for purchase in the Any and All Offer (the "Maximum Waterfall Tender Amount") aggregate principal amount of the senior notes listed in Table 2 below (collectively, the "Waterfall Notes"). The Any and All Offer and the Waterfall Offer are referred to collectively in this press release as the "Tender Offers" and the Any and All Notes and Waterfall Notes are referred to collectively as the "Notes."
Discovery, Inc. (the "Company") (Nasdaq: DISCA, DISCB, DISCK) today announced that the previously-announced cash tender offer by its wholly-owned subsidiary, Discovery Communications, LLC (the "Offeror") for any and all of the Offeror's outstanding senior notes listed in Table 1 below (collectively, the "Notes" and the tender offer for such Notes, the "Any and All Offer"), expired yesterday, May 13, 2020 at 5:00 p.m. New York City time (the "Any and All Expiration Date"). The Any and All Offer was made on the terms and subject to the conditions set forth in the Offer to Purchase, dated May 7, 2020 (the "Offer to Purchase"), and the related Notice of Guaranteed Delivery attached to the Offer to Purchase (the "Notice of Guaranteed Delivery"). The Offer to Purchase and the Notice of Guaranteed Delivery are referred to together as the "Offer Documents."
Moody's Investors Service ("Moody's") assigned a Baa3 rating to Discovery Communications, LLC's (Discovery or DCL) $2 billion senior unsecured notes maturing in 2030 and 2050. Discovery's existing Baa3 long term ratings and P-3 short term rating are unaffected by the transaction. The senior notes will be unsecured, rank equally with all other existing and future unsecured senior indebtedness, and be fully and unconditionally guaranteed by Discovery Inc. (Parent Guarantor), and each domestic subsidiary of the Parent Guarantor that guarantees DCL's obligations under the revolving credit facility.
Shares of Discovery Inc. are up 1.1% in premarket trading after the media company topped first-quarter earnings expectations. Discovery generated net income of $377 million, or 55 cents a share, compared with net income of $384 million, or 53 cents a share, in the year-prior quarter. Adjusted earnings per share rose to 87 cents from 85 cents, while analysts were modeling 84 cents. Discovery reported total revenue of $2.68 billion, down from $2.71 billion a year earlier, while analysts were expecting $2.72 billion. Discovery said in a release that it "did not incur significant disruptions" from COVID-19 in the first quarter, though third-party partners had to shut down production in the period. The company has also undertaken cost-savings initiatives by reducing travel, marketing, and other operating costs during the pandemic. "The current level of uncertainty over the economic and operational impacts of COVID-19 means the related financial impact cannot be reasonably estimated at this time," Discovery said in its release. Shares have declined 29% over the past three months as the S&P 500 has lost 14%.
Discovery, Inc. (the "Company") (Nasdaq: DISCA, DISCB, DISCK) today announced the pricing terms of the previously-announced cash tender offer (the "Waterfall Offer") by its wholly-owned subsidiaries, Discovery Communications, LLC ("DCL") and Scripps Networks Interactive, Inc. ("SNI" and, together with DCL, the "Offerors") for certain outstanding senior notes issued by DCL and SNI and listed in Table 1 below (collectively, the "Notes"). Based on the $925,409,000 aggregate principal amount of senior notes purchased by DCL in its previously completed cash tender offer for three other series of senior notes, the maximum aggregate principal amount of Notes eligible for purchase in the Waterfall Offer is $574,591,000 (the "Maximum Waterfall Tender Amount"). The terms of the Waterfall Offer are described in the Offer to Purchase, dated May 7, 2020 (the "Offer to Purchase").
Discovery (Nasdaq: DISCA, DISCB, DISCK) today announced that it is not aware of the reasons for the recent volatility in the price of its Series B (DISCB) common stock. Discovery has not selectively disclosed any material nonpublic information to analysts, investors or others, and Discovery is not aware of any sales or purchase of its Series B common stock by any of its executive officers or directors within the last 30 days. Discovery's management believes it is prudent to advise the market of this given recent fluctuations of its Series B common stock.
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Discovery, Inc. (the "Company") (Nasdaq: DISCA, DISCB, DISCK) today announced the early results of the previously-announced cash tender offer (the "Waterfall Offer") by its wholly-owned subsidiaries, Discovery Communications, LLC ("DCL") and Scripps Networks Interactive, Inc. ("SNI" and, together with DCL, the "Offerors"), for certain outstanding senior notes issued by DCL and SNI and listed in Table 1 below (collectively, the "Notes"). Based on the $925,409,000 aggregate principal amount of senior notes purchased by DCL in its previously completed cash tender offer for three other series of senior notes, the maximum aggregate principal amount of Notes eligible for purchase in the Waterfall Offer is $574,591,000 (the "Maximum Waterfall Tender Amount"). $1,515,228,000 in combined aggregate principal amount of Notes were validly tendered and not validly withdrawn on or prior to 5:00 p.m., New York City time, on May 20, 2020, the early tender deadline for the Waterfall Offer (the "Waterfall Early Tender Deadline"). The terms of the Waterfall Offer are described in the Offer to Purchase, dated May 7, 2020 (the "Offer to Purchase").
(Bloomberg) -- Germany’s Bundesliga becomes the world’s first major sports competition to emerge from the coronavirus lockdown this weekend, and people in the industry from London to Los Angeles are asking themselves: Can it actually work?Players are being tested twice a week, coaches will have to wear face masks and fans will be banned from stadiums when the soccer league resumes Saturday with the Ruhr region derby between arch-rivals Borussia Dortmund and Schalke.There’s been intense pressure to end the two-month hiatus. The Bundesliga is a 4 billion-euro ($.4.3 billion) business that’s come to a grinding halt after 15 straight years of revenue growth. Clubs have lost tens of millions of euros and viewers have been quitting the local pay-TV sport networks of Sky and DAZN. Teams such as Werder Bremen have warned they may run out of money and player values have fallen off a cliff.A successful return would be a route out of the crisis, but the excitement is mixed with trepidation. Some players said they’re worried about contracting the disease. Health officials have warned the games could jeopardize Germany’s hard-earned success in fighting the pandemic.Bundesliga officials say their plan to ward off infections is sound and they’ll reassess the situation carefully every week. Organizers of competitions like the U.S. National Football League and Major League Baseball are watching closely, and will be able to benefit from the Bundesliga’s experience, said Christian Seifert, the German league’s chief executive officer. Restarting, he added, is a necessity.“For some clubs it means economic survival,” Seifert told reporters last week. “The decision secures jobs, not just for players on the pitch but also at club offices, media companies and suppliers.”Chancellor Angela Merkel, an avid soccer fan who regularly attends matches of the German national team, approved the restart earlier this month. The Bundesliga has issued a 51-page document that lists the safety and hygiene measures introduced to resume games, including:Quarantine-type team training campsStrict distancing throughout arenasCoaches and benched players to wear masks, occupy every other seatTemperature checks for non-essential staffNo team buses -- players arrive in smaller vans or drive themselvesEach team brings its own sealed food. No cateringA ban on handshakes, team mascots and team photosShowering alone or at the hotelEurope’s other top-flight competitions are still in deep-freeze. Britain’s government says it may let professional sports resume next month, but officials from the English Premier League, Europe’s richest domestic football competition, are wrangling over how it might work. There’s disagreement over whether to hold matches away from both the home and the away team’s grounds to reduce the risk of crowds gathering nearby.France and the Netherlands have canceled their seasons altogether. Spain’s La Liga, home to global megaclubs Real Madrid and FC Barcelona, says a tentative restart date of June 12 may be pushed back depending on how the pandemic develops. Italy’s Serie A is waiting for government approval to restart on June 13.The delays represent a potential advantage for the Bundesliga, said Richard Broughton, a media analyst at Ampere Analysis in London.“This will allow the competition to steal a march on rival top leagues and drive better brand awareness in the absence of any meaningful competition -- with the aim of improving its standing for next season, and boosting future rights deal values,” he said.For that to happen, the league will need to fire up the enthusiasm of foreign audiences, many of whom will be unfamiliar with rising star players such as Kosovar midfielder Milot Rashica and Leipzig’s Lukas Klostermann or teams like FC Augsburg and SC Paderborn.It’s not clear how viewers will react to matches played with no stadium audience. In the U.S., viewing of a professional wrestling competition fell to a record low after audiences were bored by empty arenas.“Playing football is fun and it’s challenging, but what makes it exceptional is the community aspect of it -- and that’s gone,” Neven Subotic, a defender for Union Berlin, told BBC radio. “I don’t want to pretend that’s not a huge thing.”Wary PlayersThe stakes are high for the broadcasters involved. Comcast Corp.’s Sky bought most of the Bundesliga TV rights through next year in a 2016 auction that raised a record 4.6 billion euros. Its main rival, sports streaming company DAZN, has a deal with Discovery Inc.’s Eurosport to sub-license some live matches. The company, owned by billionaire Len Blavatnik, also spent big on German broadcast rights to the Champions League -- the coveted European soccer competition that Sky used to dominate.While Sky often locks viewers into long contracts, the risk to revenue is greater for DAZN, whose customers can terminate their subscription on a monthly basis.A representative for DAZN had no immediate comment. A spokesman for Sky’s German unit declined to comment.Some players in Europe aren’t ready to get back on the pitch. When U.K. Prime Minister Boris Johnson said a return of soccer could boost the country’s morale, England defender Danny Rose took to Instagram, saying such a plan shouldn’t even be considered until case numbers in the U.K. -- where 33,614 people have died from the disease -- have dropped massively.In Germany, at least a dozen players in the first and second division have tested positive for Covid-19, two of them at Dynamo Dresden last week, resulting in a two-week quarantine for the team and the cancellation of its May 17 match against Hannover 96.The fear of contracting the disease “is the big issue that everyone carries with them,” Subotic told the BBC. The restart, he said, “feels somewhat surreal.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Discovery, Inc. ("Discovery" or the "Company") (Nasdaq: DISCA, DISCB, DISCK) announced today that its wholly-owned subsidiary Discovery Communications, LLC ("DCL") has commenced an underwritten public offering (the "Notes Offering") of senior fixed rate notes (the "Notes"). The Notes will be issued by DCL and guaranteed by the Company and its wholly-owned subsidiary Scripps Networks Interactive, Inc. ("Scripps") on an unsecured and unsubordinated basis.
Discovery, Inc. ("Discovery" or the "Company") (Nasdaq: DISCA, DISCB, DISCK) announced today that Discovery Communications, LLC ("DCL") has priced an offering of $1,000,000,000 aggregate principal amount of 3.625% Senior Notes due 2030 (the "2030 Notes") and $1,000,000,000 aggregate principal amount of 4.650% Senior Notes due 2050 (the "2050 Notes" and, together with the 2030 Notes, the "Notes"). The 2030 Notes were priced at 100.000% of their principal amount to yield 3.625% to maturity. The 2050 Notes were priced at 99.872% of their principal amount to yield 4.658% to maturity. The sale of the Notes is expected to close on May 18, 2020, subject to customary closing conditions.
Discovery (DISCA) delivered earnings and revenue surprises of -1.14% and -1.80%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
Discovery, Inc. (the "Company") (Nasdaq: DISCA, DISCB, DISCK) today announced the pricing terms of the previously-announced cash tender offer by its wholly-owned subsidiary, Discovery Communications, LLC (the "Offeror") for any and all of the Offeror's outstanding senior notes listed in Table 1 below (collectively, the "Notes" and the tender offer for such Notes, the "Any and All Offer"). The Any and All Offer is being made on the terms and subject to the conditions set forth in the Offer to Purchase, dated May 7, 2020 (the "Offer to Purchase"), and the related Notice of Guaranteed Delivery attached to the Offer to Purchase (the "Notice of Guaranteed Delivery"). The Offer to Purchase and the Notice of Guaranteed Delivery are referred to together as the "Offer Documents."