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Discovery's New Program: A Spring IPO
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At the same time, Discovery will have to change its culture to that of a publicly traded firm, which means managing the company quarter to quarter in addition to long-term. It also means that Discovery's financial reports must be more detailed and transparent.
Shares of Discovery Holding closed yesterday at $26.69, down 73 cents, on the Nasdaq Stock Market.
Analysts estimated that shares of Discovery Communications would trade in the $30 range.
Zaslav said he is committed to continuing Discovery's educational and informational programming -- "We don't have any wet T-shirts; we don't have any girls behaving badly," he said -- and that he does not anticipate Wall Street's relentless emphasis on performance to force Discovery shows to go low-brow to get higher ratings.
Hendricks, Discovery's founder, was traveling yesterday and unavailable for interview.
"I believe that the company is now ideally poised to take advantage of the opportunities that may emerge from the new Discovery corporate structure announced today and I look forward to continuing to work alongside my great longtime partners as Discovery begins this next exciting chapter of our advancement in the global marketplace," Hendricks said in a statement.
"Today's transaction will unlock the full potential and value of Discovery, and provide a broader range of options to pursue their aggressive growth strategy in the future," Malone said in the statement.
