Discovery Starts 2019 With Stronger 1Q Than Expected; Smaller Nets Continue to Lose Subs
Discovery reported a better-than-expected start to 2019 as first-quarter revenue was in line with consensus expectations and EBITDA beat the Street projections. As previously projected by management, ad sales outside the United States fell 6% year over year on a pro forma basis due to a tough comparison versus the Olympics in Europe last year and a pullback in spending in certain markets like Mexico (reduced government ad expenditures). We are maintaining our narrow economic moat rating and $32 ...
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