Q2 broadly in line
In its first full quarter since acquiring Scripps, Discovery Q2 results were broadly in line with consensus expectations. Revenues climbed 3% (in line), while EBITDA climbed 5% (also in line). EPS of $0.66 was light due to below the line items. Given the performance of the stock this year, in line results may be met with some disappointment. Investors will be looking for an update on the Scripps integration along with any potential upside to synergies. We are cautious given what we view as weak barriers to entry to the company's business.Discovery, through its subsidiaries, is a media company that provides content across distribution platforms, including pay-television, free-to-air and broadcast television, and direct-to-consumer subscription products. The company's portfolio of networks includes nonfiction television brands such as Discovery Channel, HGTV, Food Network, TLC, Animal Planet, Science Channel, and MotorTrend . The company's portfolio includes Eurosport, a sports entertainment provider. The company classifies its operations in two segments: U.S. Networks, consisting of domestic television networks and digital content services, and International Networks, consisting of international television networks and digital content services.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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