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Discovery Beats Q2 Earnings Expectations With Strong Overseas Sales

By | Thursday July 31, 2014 @ 4:13am PDT

Discovery Beats Q2 Earnings Expectations With Strong Overseas SalesUPDATE: Discovery decided in the recent upfront ad sales market to bet that pricing will improve, CEO David Zaslav told analysts this morning. The company’s upfront sales grew by mid-single-digit percentages vs last year. “We held inventory back” to maintain the price it charges for each viewer reached, he said. “The volume was not as strong as it was last year” although pricing in the scatter market remains healthy. Zaslav is determined to close what he says is a cost gap between the prices Discovery commands vs other companies’ networks. “In the long term getting the value we deserve for the quality audience we provide is how we’ll get meaningful growth.” He’s sensitive to the market changes because in the past “we think we left some money on the table.”

2013 WICT Leadership Conference - Day 1On other matters, the CEO says he expects to establish new relationships with subscription VOD providers in the next few months. And he kept his options open when asked about the consolidation taking place in media. “We’re thinking hard about it as all content owners are.”

PREVIOUS, 4:13 AM: CEO David Zaslav’s globalization efforts paid off in Q2 as Discovery Communication’s overseas operations helped to cover for weaknesses in the U.S. businesses. The company reported net income of $379M, +26.3% vs the period last year, on revenues of $1.61B, +9.8%. The top line was a hair above the $1.60B in the Street’s consensus estimate. Earnings at $1.09 a share were well above forecasts for 95 cents. Read More »

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Discovery’s David Zaslav Feted At Mirror Awards Presentation

By | Wednesday June 4, 2014 @ 1:22pm PDT

david zaslavOprah Winfrey, Tom Brokaw, Ron Howard, Fox’s Chase Carey, and AMC Networks’ Josh Sapan were among the moguls who paid tribute to Discovery Communications CEO David Zaslav today in a video as Syracuse University presented him with its Fred Dressler Leadership Award. “This is a guy who’s not afraid to fail — and when he does, as he did with Planet Green, he moves on,” former Viacom chief Tom Freston said in presenting the award. “I don’t think there’s anyone in the business who’s having Mirror Awards 2014 logoa better time than he is.” The university gave the honor as part of its annual Mirror Award luncheon to recognize some of the year’s best journalism about the media. Re/code‘s Kara Swisher and Walt Mossberg received the I-3 award for impact, innovation and influence. Read More »

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Discovery Upfront Presentation Returns Spotlight To Non-Fiction

PrintThis was a subtle contrast to last year when the company also highlighted scripted fare and trotted out a parade of celebrities including Mariel Hemingway, Morgan Freeman, William Hurt, LaToya Jackson, and NASCAR’s Jeff Gordon. Filmmaker Ron Howard was perhaps the biggest new name showing up this year: He told Discovery advertisers that New Form — the online content production venture he and Brian Grazer are launching with the Winter TCA Tour Discoverypay TV company — expects to “generate great scripted programming for today’s digital viewers.” They’re already weighing “several series” as they delve into “shortform content and all its possibilities.” Howard also intends to encourage other creative types to “bring their talent to New Form.” Oprah Winfrey returned, of course, to promote OWN. With its recent ratings success, “no one is happier than we are right now about what is happening to OWN.” She says the network is heading toward its “next evolution” with its first original scripted movie with Toni Braxton playing legendary studio singer Darlene Love, the focus of the Oscar-winning documentary 20 Feet From Stardom. She also brought out Tyler Perry for a second year; he talked up his soap opera The Haves And The Have Nots

Related: Discovery Channel Unveils New Slate

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Discovery CEO David Zaslav Made $33.3M In 2013, -33.2%

By | Friday March 28, 2014 @ 2:28pm PDT

It’s not a slap on his performance — far from it in a year when Discovery shares appreciated 38%. DavidZaslavBut this year David Zaslav’s package didn’t include stock awards that accounted for $25.3M of his compensation in 2012. The 2013 tally includes $3M salary, $22.5M in option awards, $5.8M in non-equity incentives, and $2M in other compensation. That last category includes a $1.5M contribution to his retirement account, $165,018 for personal use of the company jet, $49,411 for travel that’s taxed as a commuting expense but that “we consider business travel” — plus a $20,793 tax gross-up for his commuting travel. There’s also a $16,800 car allowance, $9,975 for home office expenses, and $171,562 for personal security services which include a car and security-trained driver. Zaslav’s $33.3M total is 5.2 times the median for the four next highest paid execs. Corporate governance watchdogs say that a CEO’s pay is out of whack when it’s more than 3 times the median for his or her closest colleagues. Still, the latest figure is far better than 2012 when Zaslav’s pay was 13.4 times the median for others in the C-suite. In January the board extended Zaslav’s contract through 2019 to “recognize his outstanding business success in extraordinary expansion in audiences, reach, and breadth that our company has experienced during [his] tenure.” Shareholders will have an opportunity to register their opinions about the compensation packages in an advisory vote at Discovery’s annual meeting, to be … Read More »

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Discovery CEO Says Web Pay TV Could Be A Big Business But Questions Remain

By | Monday March 10, 2014 @ 7:35am PDT

David Zaslav isn’t ready to commit just yet to the plan that Dish Network and Disney sketched last week to create a personal pay TV streaming service with most — but not all — of the leading channels. DavidZaslav“The question is: what’s the legacy impact?” the Discovery CEO said today at the Deutsche Bank Media, Internet and Telecom Conference. “Does it have a negative impact?” Still, Zaslav sounds intrigued, saying that there’s a potentially big business if Dish or others can sell pay TV services to 2M or more broadband customers — including many young adults who are reluctant to pay $80 a month or more for a full expanded basic pay TV bundle. Dish’s deal with Disney “provided a lot of value to Disney” in the short run. But Zaslav says that he takes a long term view of the business and “we just have to see” the details and implications of a personal streaming service. The CEO also isn’t ready yet to pass judgment on Comcast’s planned $45.2B acquisition of Time Warner Cable. The deal would give Comcast about 30M video subscribers. That’s “significant market share,” he says. “We’ll have to see what it means and how it plays out.” Zaslav has good reason to stay on the sidelines: Liberty Media’s John Malone is the biggest shareholder in Discovery, as well as Charter Communications — which wanted TWC until Comcast came in with a … Read More »

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Discovery Redistributes Networks Among Group Presidents Eileen O’Neill, Marjorie Kaplan, Henry Schleiff

By | Thursday February 27, 2014 @ 9:46am PST

In a re-alignment of  its U.S. network portfolio, Discovery Communications has named Eileen O’Neill to be Group President of the Discovery Channel and has been given oversight of Science Channel and Velocity — two networks seen to have tremendous growth opportunity.  TLC, Discovery-Communicationswhich O’Neill is credited with turning around, has been given to the care of Marjorie Kaplan, who becomes Group President of TLC and Animal Planet, while Henry Schleiff  adds O’Neill’s  Discovery Fit & Health network to his watch, as  Group President of  that network and Investigation Discovery, Destination America, and American Heroes Channel.


Related: Military Channel Changing Name To American Heroes Channel

“Nearly 70% of our global output is developed, commissioned and acquired in the U.S.,” company CEO David Zaslav said this morning in a memo to staff. “Most of our big characters, new franchises and tent pole specials have been developed by U.S. Network creative teams.  We continue to invest in new international and local content, but it turns out that Gold Rush, River Monsters and I (Almost) Got Away With It attract an audience in almost every market in the world.  The optionality of sharing our programming across so many brands and countries, and lining up that domestic content engine to support our global distribution growth overall, is key to our success.” He noted the cpmpany’s marketshare in the U.S. is up significantly over the past six years, growing from 5% in 2007 to nearly 12% today, “and that creative output has helped drive marketshare growth of nearly 25% internationally during the same time.”
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John Malone Gives Discovery Stock Voting And Purchase Rights To CEO David Zaslav

John MaloneThis should give the Discovery chief a little more job security at a time when the air is filled with deal talk following Comcast’s $42.5B agreement to buy Time Warner Cable. Liberty Media Chairman John Malone gave significant rights to his Class B shares — equal to about 29.5% of Discovery’s total votes — to David Zaslav in a February 13 arrangement just disclosed in an SEC filing.  The Discovery CEO can vote them if Malone doesn’t choose to do so. And Zaslav has exclusive rights to buy them if Malone decides to sell. They’ll negotiate a price and, if they can’t agree, Zaslav has a right to match any deal DavidZaslavMalone negotiates with someone else. The agreement is only good as long as Zaslav is CEO or on Discovery’s board. It recognizes “your successful tenure with Discovery” and expectation that it will continue under a new contract that runs to the end of 2019. There are a few caveats, though. The agreement doesn’t apply if someone buys Discovery, and Zaslav can’t give anyone else the rights to Malone’s shares. Malone controlled 6.1M Class B shares — about 93% of the total — when Discovery filed its latest proxy statement last year. The B shares have 10 votes apiece compared with 1 for each of the publicly traded Read More »

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New Bio Casts Fox News Chief Roger Ailes As Politically Aggressive, Bad Tempered, Dismissive of Women — Unlike Industry Norm. FNC Denies It.

By | Wednesday January 8, 2014 @ 6:41am PST

LisaColumn__131015210634-275x198Roger Ailes bragged “I want to elect the next president” in the walk-up to the 2012 presidential election, recommended a speech coach for Mitt Romney’s running mate, and was the brainchild behind that four-minute video criticizing President Obama’s policies that was telecast on Fox And Friends at the start of the general election, according to the new, unauthorized Ailes biography, The Loudest Voice In The Room.

Ailes also once called Bill O’Reilly “a book RogerAiles110926214747-200x157__130709001336salesman with a TV show,” and, when he was an exec at NBC, offered a female employee a bump to her salary if she’d have sex with him,  according to the New York Times’ look at an advance copy of the 560-page biography, set to publish on January 21 by Random House, written by New York magazine contributing editor Gabriel Sherman. Fox News has blasted all points of the bio.

“These charges are false. While we have not read the book, the only reality here is that Gabe was not provided any direct access to Roger Ailes and the book was never fact-checked with Fox News.”
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Discovery Extends David Zaslav’s Contract Through 2019

The extension comes with a nice compensation bump for the Discovery chief, already one of the media industry’s highest paid CEOs with $49.9M in 2012. The goal is to make David Zaslav david zaslav“a significant long-term shareholder in Discovery Communications,” the company says this morning adding that he “has committed to hold the majority of his equity from stock grants to term, furthering the alignment of shareholder and management interests.” Following a year when the company stock appreciated 36.2%, Zaslav’s annual salary will remain at $3M, but his target annual bonus for 2014 will go to $6.6M and rise by $600,000 a year until 2018 when it will be $9M, according to an SEC filing this morning. His 2011 contract set the target at $5M with annual increases of $500,000. By the end of March he’ll also receive 224,845 sign-on “performance-based restricted stock units” that will pay off if he remains on the job and the company meets undisclosed performance metrics at year end. He also will receive stock appreciation rights that pay off if the share price continues to rise. Zaslav will have a $1,400 a month car allowance and has personal use of the Discovery jet for 200 hours a year — although the company will only pay for the first 100 hours. The stock awards vest if someone else takes control of Discovery. “Securing David for the next six years recognizes his value to the enterprise, and provides continuity, strong leadership, and his trademark high energy to Discovery for many years to come,” company founder and Chairman John Hendricks says.

Here’s the company’s release: Read More »

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In A Subtle Shift, Discovery CEO Says OWN Will Be Profitable This Year

Up to now the company promised that its joint venture network with Oprah Winfrey would break even on a cash flow basis in the second half of 2013. But CEO David Zaslav slightly raised the stakes this morning, promising those attending Sanford C. Bernstein’s Strategic Decisions Conference that “we’ll be making money on OWN.” The channel — which stumbled out of the gate in 2011 — is “ahead of where we thought it would be” and “finding enormous success for us.” For example, on Saturday night, when it runs original programming without Winfrey, “we’re the No. 1 network for African American women.” The comment buttressed Zaslav’s broader argument that the pay TV business is in good shape, and Discovery is doing especially well in that environment. Zaslav is unfazed by the seemingly growing number of consumers who say that they’re fed up with rising pay TV rates, and want distributors to offer channels a la carte or on low-priced tiers. “This is a very sturdy system,” he says. “Viewers really enjoy the basic package…I don’t see that being challenged.” Read More »

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Big Media Moguls With Out-Of-Whack Compensation: EXCLUSIVE DEADLINE LIST

By | Monday May 6, 2013 @ 12:02pm PDT

Media CEO Compensation 2012EXCLUSIVE: Big Media companies don’t tell you when something’s rotten with the corporate culture. But this list should help you begin your search. This is Deadline’s third annual tally of out-of-whack CEO compensation. It’s an account of chiefs who not only make vastly more than you and me, but also collect far more than their closest colleagues at their own companies. Corporate governance experts become concerned when a CEO consistently makes at least three times more than the median for the four other highest-paid execs that the SEC requires companies to list in the annual proxy statement. That’s the standard I use, and it indicates that 14 out of 31 media companies that I tracked and that have already filed 2012 data failed the test — in many cases miserably.

Related: Big Media Pay: Who Were 2012′s Highest Paid CEOs?

Out of whack CEO pay can send a poisonous message to employees, including others in the C-suite. Internal pay parity “is critical to ensuring fairness and encouraging a collaborative team effort,” News Corp says in its proxy. Huge disparities also can tip you off to troublesome boardroom beliefs. It might indicate that directors lack faith in the business or leadership team — and fear that things will unravel if the top dog leaves. It may be a symptom of corporate groupthink where people give the chief credit for everything that goes well, and seek scapegoats for everything that doesn’t. Or it might mean that directors are beholden to the CEO — or share a cynical and grandiose sense of entitlement — and see nothing wrong with helping him (it’s almost always “him”) stuff his pockets with shareholders’ money, even where there’s little danger that he might leave if paid less. Whatever the case, researchers find that all too often the damage from such obeisance to the CEO eventually hurts a company’s performance and stock price. (For example, herehere, here, and here.)

Out Of Whack — 2011
Out Of Whack — 2010

This list looks at the biggest and best known infotainment providers. I include Web-based companies such as AOL and Yahoo that produce and sell their own content, and added Facebook which depends on ad sales. But I left out ones including Apple and Verizon that generate most of their revenues from hardware or personal communications services. (I’ve also left out Google, where the top execs benefit from stock performance and only collect a symbolic $1 in compensation.) For context, I’ve also noted how many people the company employs, and how that’s changed since the last fiscal year, to see whether these fabulously rich CEOs were job creators. The data isn’t nearly as revealing as it ought to be. For example, the SEC doesn’t require companies to specify how many jobs are based in the U.S., or even how many are full time. I’ve also included the CEO’s 2012 compensation rank among other media chiefs in our list, as well as among all media executives listed in their company proxies, and the average compensation over the last three years. (To avoid having them counted twice, I combined the compensation that Sumner Redstone collects as chairman of  CBS and Viacom, and that Charles Dolan collects at Cablevision and AMC Networks.)

A few things to keep in mind: The SEC reporting rules only cover the top-paid executives of publicly traded U.S. companies. That means we’ll miss a lot of highly paid people who work at subsidiaries of a big company; Universal Studios’ Ron Meyer may be a big deal in Hollywood, but he didn’t make the top echelon at his corporate parent Comcast. Also, the pay data given to the SEC can spike in a year when an executive cashes in stock or collects deferred compensation. Averages also can be skewed when people on the list come and go in the middle of the year. So consider this to be a starting point to judge whether a CEO was paid fairly — not a final verdict.

I’ll be back soon with additional information including a similar list showing CEOs whose pay was more in line with his or her colleagues. Here’s how the out-of-whack CEOs stack up for 2012:

1. Live Nation: Michael Rapino. The concert and ticketing giant had a so-so year generating higher revenues but even higher costs — and a net loss. Last year’s big tours included Madonna, Lady Gaga, Coldplay, Roger Waters, and Bruce Springsteen & the E Street Band. Company shares appreciated 8.1% in 2012, lagging the benchmark Standard & Poor’s 500 which was +12.7%. But the big excitement took place at year-end with the surprising departure of Chairman Irving Azoff, taking performers he represents including Eagles, Van Halen, and Christina Aguilera. That left Rapino clearly in charge — but under the watchful eye of Liberty Media, which owns nearly 27% of the stock. With a flood of option awards, the CEO’s compensation rose 138.4% to $28.5M (The package: $2.2M salary, $243,281 bonus, $2.6M stock awards, $19M option awards, $4.4M non-equity compensation, $46,408 other compensation.) That was a whopping 17.0 times more than the median for the four other highest paid execs — up from last year’s 5.5 times — and 46% of the pie. Even these numbers underplay the disparity in executive pay: The group of other execs includes Azoff who made $27.4M. The company had 7,100 full time employees at year end, up 500. (Pay rank among media CEOs: 9. Among all media execs: 11. Average annual pay over last three years: $18.7M.) Read More »

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Sirius XM Board Adds Discovery’s David Zaslav And John Malone’s Son, And Pays Mel Karmazin $11M

By | Wednesday April 10, 2013 @ 2:24pm PDT

Liberty Media Chairman John Malone‘s company controls Sirius XM, but he and Liberty General Counsel Charles Tanabe no longer want to sit on the satellite radio provider’s board, according to the company’s proxy filed at the SEC this afternoon. No problem: The replacements likely won’t lead a palace revolt. Discovery CEO David Zaslav pretty much owes his job to Malone, who controls about 29% of Discovery’s voting shares, and sits on its board. And Malone’s 42-year-old son, Evan, sits on Liberty’s board and lately has worked in engineering and real estate in Philadelphia where he also runs a wine bar. Aside from that news, the proxy offers the usual info about executive compensation — including the 2012 package for former CEO Mel Karmazin, who left in December. It includes $1.5M salary, and a $9.5M bonus. The total is 5.3 times more than the median for the other top execs, which would trigger alarm bells about Karmazin’s clout if he were still there. Shareholders at the May 21 annual meeting in New York will vote on an investor-submitted resolution that would require Sirius XM to regularly disclose a detailed succession plan. The board opposes the proposal, calling it “unnecessary.”

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Discovery’s David Zaslav Makes $49.9M In 2012 Compensation, -4.7%

By | Tuesday April 2, 2013 @ 2:23pm PDT

The slight decline was due to the quirky way corporations value option awards; everything else was up for the Discovery Communications CEO in a year when the company stock was up 51.1%. The proxy just filed at the SEC shows David Zaslav‘s package consisted of $3M salary, $25.3M in stock awards, $15.8M in option awards, $5.3M in non-equity incentives, and $432,986 in other compensation. The “other” category includes personal aircraft use, a $16,800 car allowance, $11,083 in home office expenses, and $23,245 for personal security during overseas travel. Zaslav led Deadline’s list last year of CEOs whose pay was most out of whack with other executives, and this year’s package is sure to return him to that list. He made 13.4 times more than the median pay for the next four highest paid executives, well above the threshold (three times the median) that leads corporate governance watchdogs to wonder whether the chief executive wields too much power. Indeed, Zaslav’s pay accounted for a whopping 76% of the pie for Discovery’s top management. Read More »

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Discovery Chief Says Programming Cost Growth To Moderate “Dramatically”

By | Tuesday March 5, 2013 @ 8:13am PST

The cable networks company has enough successful programming so “we don’t need to greenlight as many new swings,” Discovery CEO David Zaslav told investors at the Deutsche Bank Media, Internet and Telecom conference this morning. As a result “you’ll see meaningful moderation” in the growth rate for programming outlays. It won’t go down, he noted — but there’ll be “a significant leveling off.” That could be significant: Investors have been concerned about the company’s rising costs. Zaslav also likens his spending on programming to fishing. “We spend a little over $1B a year and little over half doesn’t come back” because the shows don’t work. Zaslav says that Discovery stepped up its game on TLC after The History Channel “took a real shot at us.” For example, his company used to air re-runs on Mondays, which gave History an opening to introduce Pawn Stars and American Pickers. “We weren’t looking at them; they were looking at us.” But now he’s looking at everybody, including producers. “We could look at the producers doing a good job for History and say, ‘Why aren’t we doing business with them?’” The competition also “solidified TLC’s focus on middle America…Because we know what we are, we’re finding more success.” 

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Discovery CEO Says He May Offer TV Everywhere Rights Soon

By | Thursday February 14, 2013 @ 7:33am PST

This may frustrate TV Everywhere evangelists including News Corp’s Chase Carey and Time Warner’s Jeff Bewkes, who have have lamented the slow rollout of the pay TV streaming services. But Discovery CEO David Zaslav isn’t ready to join the parade yet. Although there’s a “good chance” he’ll grant some TV Everywhere rights this year, most deals enabling pay TV distributors to stream Discovery’s programming will “feather in” over the next few years, Zaslav told analysts this morning. The big problem: “We couldn’t determine what the right value was.” Nielsen still doesn’t provide ratings for shows streamed to iPads. “We feel like it needs to be measured.” Zaslav also wants to hold back on negotiations until he has a better handle on how valuable TV Everywhere will be for cable and satellite companies — for example by helping them to raise rates or reduce subscriber losses. “We just need to figure out how to apportion that value.” Once those issues are resolved, Discovery has to determine whether it should cut new TV Everywhere deals with cable and satellite companies, or make streaming part of a package of rights when it renews its current distribution pacts.

Related: Discovery’s Q4 Earnings Miss Expectations Read More »

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Discovery Says Eurosport Deal Will Put It In The Sports Game, Without The Frenzy

By | Friday December 14, 2012 @ 7:06am PST

Discovery CEO David Zaslav wants to quell a potentially big shareholder concern: that his pay TV networks company might become embroiled in costly bidding wars for sports rights as a result of its new investment in TF1‘s Eurosport. (That’s part of two major deals the company announced this morning.) This is Discovery’s first direct foray into the sports business. But the near-insane buying frenzies are characteristic of the U.S. market, which is “completely different,” he said in a conference call this morning. Eurosport focuses on regionally popular niche sports including tennis, cycling, skiing, skating, and curling. That’s “more manageable, much more predictable,” he says. “There isn’t one sport that they have to have….It doesn’t strive to be that big massive platform, which is consistent with what we do.” Discovery also is still feeling its way: It agreed to pay $221.6M for a 20% stake in Eurosport. It has an option to raise its holding to 51% in two years. If it does, then TF1 can require Discovery to buy the remaining 49% as well. Read More »

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Discovery CEO Claims OWN Will Break Even In 2013 Even If Misses Distribution Goal: UBS

Although the goals were set independently, David Zaslav says that his joint venture with Oprah Winfrey is growing fast enough that it doesn’t have to expand to 85M homes — from 80M now — to fulfill his prediction that it will break even in the second half of 2013. “The ratings growth has been fantastic,” he told investors and analysts on Day 2 of the UBS Global Media and Communications Conference. The “cherry on top,” he says, is that “we’re the home for Tyler Perry on television.” On Saturdays, OWN ranks first or second with black women, attracting more of the demo than ABC, CBS, Fox, and NBC combined.

Related: Oprah’s OWN And Tyler Perry In Deal For Scripted Series

Zaslav’s comment about OWN reflects his overall optimism about the state of his company and the programming business. He acknowledged that ad sales were slow in October. Discovery was “hurt more by the Olympics than we expected” — in part due to his decision not to schedule strong shows against the games. But since the election both volume and pricing have been “quite good.” He warns that the outlook “could change a week or two from now” if there’s no compromise in Washington to avoid the so-called fiscal cliff, although “it’s getting pretty late for [the negotiations to avoid the fiscal cliff] to have an impact” in Q4. Read More »

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Discovery CEO Urges Lawmakers To Provide Economic “Stability”: Video

By | Monday November 12, 2012 @ 12:03pm PST

Discovery CEO David Zaslav tells CNBC today that he and other execs will be “holding back” from expansion investments unless lawmakers compromise on a budget deal by year’s end. “We just need stability,” he says. He’s upbeat, though. Ad sales this quarter look “quite good,” he says.

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Discovery CEO Says OWN Will Become Less “Teachy And Preachy” With Tyler Perry

By | Tuesday November 6, 2012 @ 7:23am PST

Tyler Perry’s exclusive TV production deal with OWN shouldn’t turn the self-improvement channel into just another general entertainment network, Discovery CEO David Zaslav told analysts this morning. “This is something Oprah really wants,” he says. “We were much too teachy and preachy and earnest when we started….The audience said, ‘We want to have fun’.” Indeed, Zaslav says Perry will help now that the channel “has begun to find a rhythm.” OWN also should start to become less of a drag on earnings. Discovery execs say it invested $29M in Q3, and will spend less than that in the current quarter resulting in a year-end total below last year’s $150M. The picture should improve next year; Discovery’s new pay TV deals, with higher affiliate rates for OWN, take effect in January and could generate about $125M for the channel. “Oprah has been working very hard — she’s on the air much more often,” Zaslav says. He noted that her most recent interview with singer Rihanna attracted more black women during the time period than ABC, CBS, Fox, and NBC had combined.

Related: Discovery Lowers 2012 Guidance After Q3 Results Fall Short Of Expectations

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