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.

Nielsen, a preeminent firm that tracks media trends such as how much television programming consumers watch, recently suggested that stay-at-home orders and social quarantining could lead to a 60% jump in the media content we watch. This includes live TV, radio, gaming, time surfing the web, and even watching this content on your smartphone or tablet of choice.Newer media channels from the likes of Netflix, Amazon’s Prime service, or Hulu, are often mentioned as destinations of choice for consumers. But we still watch plenty of shows on cable TV, and this is increasingly shifting to channels that reach them more directly. I myself am almost through the last season of the Walking Dead on the AMC network.Research firm RBC Capital has noticed that shares of some more traditional providers of cable-TV content have been selling off rather dramatically lately. The drops are at least 30% and could be considered too severe. This is because these media assets still have considerable value and throw off profits that can benefit shareholders and the migration of reaching consumers more directly.We ran three media stocks which recently gotten the thumbs-up from RBC through TipRanks’ database to see whether the Street agrees with this newly positive outlook. So which three stocks RBC is re-evaluating right now? Let’s take a closer look.AMC Networks (AMCX)If I were to ask you about the value of a media company that has created hits like Mad Men, Breaking Bad, and The Walking Dead, you might think it would be pretty high. But AMC Networks’ stock is down more than 40% this year and 60% over the past year.New York-city based AMC Networks owns five entertainment programming networks: AMC, WE tv, BBC AMERICA, IFC, and SundanceTV. Its content can be viewed in 130 countries and the bulk of its sales are tied to bundled cable packages from traditional TV. But it is migrating to going directly to the consumer and hopes to create shows as popular as the hits mentioned above.In an extensive 42-page report, RBC analyst Kutgun Maral did concede that there is near term weakness: “we expect National Networks advertising revenue (32% of total company) will see material headwinds from softness across national TV ad spend given the ongoing COVID-19 pandemic.”However, Maral quickly acknowledges that the recent share drop seems to be extreme. The P/E ratio is ridiculously low in the low single digits.“With shares down ~46% YTD, we think there’s broad acknowledgement of the challenges AMCX faces but not a lot of appreciation for the value it is creating across SVOD, its sustainable FCF outlook, deleveraging off an already healthy balance sheet, or M&A optionality.” On the last point, with the stock being cheap and media content growing increasingly important, a larger media firm could buy the company outright.Maral also thinks AMCX “will increasingly be viewed as an attractive takeout candidate given its strong content production pedigree and studio, early traction with [going directly to the consumer], relatively attractive positioning across the linear ecosystem, and scope for cost synergies under a larger company”As a result, Maral has initiated coverage on AMC shares with an "outperform" rating and $27 price target. (To watch Maral's track record, click here)But the Street does not share this optimism — quite the contrary. Right now, AMC stock has a Hold consensus rating with only 1 recent Buy rating. This is versus 5 Hold and 1 Sell ratings. Yet, the $28.17 price target suggests a potential upside of 17% from the current share price. (See AMC stock analysis on TipRanks)Discovery, Inc (DISCA)Maryland-based Discovery owns an impressive array of media assets. First and foremost is its namesake the Discovery Channel, followed by TLC, Animal Planet, Investigation Discovery, Science Channel, MotorTrend, Food Network, the Oprah Winfrey Network, as well as other brands.Discovery’s share price decline hasn’t been as dramatic as AMCX’s, but it is still down around 30% so far this year, and has fallen 28% over the past year. This has pushed the forward P/E into the single digits, which is probably too cheap for such a collection of appealing programming and channels.RBC's Kutgun Maral also initiated coverage on Discovery with an "outperform" rating and $26 price target. Its thesis echoes that of AMC Networks – namely a growing direct-to-consumer business, steady free cash flow generation, and takeover potential.Maral believes “Discovery is demonstrably balancing its legacy revenue streams while it leans into next-gen/DTC initiatives that are scaling rapidly.” In other words, it is shifting from a model where sales come primarily from cable TV providers more to direct-to-consumer apps and channels for a monthly fee.Maral also details that Discovery generates a lot of free cash flow, has a solid balance sheet, and could end up getting bought out by a larger media company. On that last point, the analyst writes: “DISCA is the most attractive takeout candidate within traditional media. It is uniquely positioned to offer the growing number of DTC services a way to differentiate their platform with leading nonfiction and lifestyle brands that have global appeal, with content that has a low-cost profile, is fully owned, and has demonstrated strong viewer engagement with a female-skew.”Overall, Wall Street almost evenly split between the bulls and those choosing to play it safe. Based on 16 analysts polled by TipRanks in the last 3 months, 9 rate Discovery a Buy, while 7 say Hold. Notably, the 12-month average price target stands at $28.07, marking about 25% upside for the stock. (See Discovery stock analysis on TipRanks)Fox Corporation (FOXA)Similar to Discovery, Fox stock is also down about 30% so far in 2020 and over the past year. Its forward P/E is down below 12, and RBC also sees potential here.New-York-based Fox Corporation owns an impressive array of news, sports, and entertainment assets. It is perhaps best known for FOX News, FOX Business, FOX Studios movies, and an impressive array of sports channels.Lead analyst Kutgun Maral has been busy and also issued an extensive initiation coverage report on Fox with an "outperform" rating and $31 price target. While Discovery has the greatest buyout potential, Maral believes “Fox [has] the most attractive portfolio of traditional media assets across our coverage.”Similar dynamics are at play as affiliate fees paid by cable TV firms, which are 48% of Fox’s revenue, will slowly grow as consumers embrace content that can directly reach them. Advertising sales (43% of sales) will also struggle a bit as the economy struggles in the face of covid-19. But Maral sees continued steady free cash flow generation since Fox is one of the largest media players for advertisers to embrace. And sports, when it comes back, provides a very loyal viewership.Most of Wall Street is surveying the media giant from the sidelines, with TipRanks analytics demonstrating Fox as a Hold. Based on 13 analysts polled in the last 3 months, 4 rate the stock a Buy, 7 maintain a Hold, while 2 issue a Sell. The 12-month average price target stands at $32.40, marking a nearly 25% upside from where the stock is currently trading. (See Fox stock analysis on TipRanks)

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."

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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."

The streaming-content movement will only get stronger because of the COVID-19 pandemic, Roku CFO Steve Louden tells Yahoo Finance.

Even before the COVID-19 pandemic, secular trends didn't bode well for traditional media companies. Cord-cutting triggered a decline in subscriptions and a loss of ad dollars to streaming services. One analyst expects no relief from the pressure.The RatingsRBC Capital Markets analyst Kutgun Maral initiated: * A Sector Perform rating on Walt Disney Co (NYSE: DIS) with a $110 price target; * An Outperform rating on Discovery Communications Inc. (NASDAQ: DISCA) with a $26 target; and * An Outperform rating on Fox Corp (NASDAQ: FOXA) with a $31 target.The Disney ThesisDisney's parks, studio and network face a significant headwind in the coronavirus, as lockdowns stunted theater and ride attendance, and advertisers cut spending. The pressure may continue in the mid-term as consumer spending remains muted. RBC anticipates downside throughout 2020 before operating income begins to recover in 2021 and trends return to 2019 levels in 2022."We are bullish on Disney's strategic vision, quality of assets, and execution, but remain on the sidelines until there is greater clarity on the post-coronavirus world," Maral wrote in a note.He expects Disney to lead in the streaming wars, with its direct-to-consumer (DTC) operating income turning positive in 2023.Related Link: How The COVID-19 Pandemic Will Affect Netflix And Roku Going ForwardThe Discovery ThesisDiscovery is similarly exposed to the decline in ad spend and pay TV subscribers, but Maral appreciates its DTC opportunity, cost structure flexibility and gains in ad share abroad. He considers it a strong M&A target."Discovery's core Pay TV business is likely to continue seeing secular and cyclical pressures, but we believe its global DTC services are on a strong trajectory to scale and potentially support a rerating as the company demonstrates a credible path for subscriber growth and profitability," he wrote.By RBC's calculations, Discovery should see equity upside as free cash flow (FCF) growth enables buybacks or deleveraging."Costs are expected to peak in 2H20/1H21, which should drive significant operating leverage from 2021 onward and support profitability with much lower subscriber levels than other platforms," the analyst wrote.The Fox ThesisMaral expects Fox's stock to outperform peers given its FCF conversion, strong balance sheet and industry leadership."We view Fox as having the most attractive portfolio of traditional media assets across our coverage," he wrote. "While we are cautious on the outlook for Pay TV, we see Fox's must-have sports and news properties as being relatively well positioned to secure carriage, drive robust affiliate pricing, and attract advertisers."Still, Fox is also exposed to ad disruptions and cord cutting, as well as delays in sports seasons. Maral expects no buybacks until at least 2021."The rate of change is accelerating which could result in structural shifts in Fox's earnings power and ability to compete against traditional/digital competition (particularly in the context of the upcoming NFL renewal)," the analyst wrote.Latest Ratings for DIS DateFirmActionFromTo Apr 2020RBC CapitalInitiates Coverage OnSector Perform Apr 2020CitigroupMaintainsBuy Apr 2020UBSDowngradesBuyNeutral View More Analyst Ratings for DIS View the Latest Analyst RatingsSee more from Benzinga * Comcast's Peacock Takes Well-Timed Flight * Apple At A 'Fork In The Road' As Disney+ Reports 50M Subscribers(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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 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").

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, Inc. ("Discovery" or the "Company") (NASDAQ: DISCA, DISCB, DISCK) today reported financial results for the quarter ended March 31, 2020.

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 (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").

Shares of Discovery, AMC Networks, and ViacomCBS sold off after Comcast said cable subscribers had tumbled.

(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 (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.