Discovery Communications Announces Debt Offering

Susanna Dinnage

Discovery Communications, Inc. announced today that Discovery Communications, LLC (“DCL”) has commenced an underwritten public offering of one or more series of senior fixed rate notes and senior floating rate notes (the “Offering”). Each series of notes will be issued by DCL and guaranteed by the Company.

The Company intends to use the net proceeds from the Offering to fund a portion of the cash consideration payable in connection with the previously announced acquisition of Scripps Networks Interactive, Inc. (“Scripps”) and to pay related fees and expenses. If the acquisition is not consummated for any reason on or prior to August 30, 2018, or if, prior to such date, the merger agreement for the acquisition is terminated, then, in either case, the Company will be required to redeem certain of the notes in a special mandatory redemption. The acquisition is expected to be completed in the first quarter of 2018, subject to the receipt of required stockholder and regulatory approvals and certain other customary closing conditions.

Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC will act as the active joint book-running managers for the Offering.

The Company and DCL have filed a registration statement on Form S-3 (including a prospectus) with the Securities and Exchange Commission (the “SEC”) for this Offering. Prospective investors should read the prospectus forming a part of that registration statement and the prospectus supplement related to the Offering and the other documents that Discovery and DCL have filed with the SEC for more complete information about Discovery, DCL and this Offering. These documents are available at no charge .

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the notes, nor shall there be any offer, solicitation or sale of the notes, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The Offering may be made only by means of a prospectus supplement and the accompanying prospectus.

About Discovery
Discovery Communications (Nasdaq: DISCA, DISCB, DISCK) satisfies curiosity and captivates superfans around the globe with a portfolio of premium nonfiction, lifestyle, sports and kids content brands including Discovery Channel, TLC, Investigation Discovery, Animal Planet, Science and Turbo/Velocity, as well as OWN: Oprah Winfrey Network in the U.S., Discovery Kids in Latin America, and Eurosport, the leading provider of locally relevant, premium sports and Home of the Olympic Games across Europe.

Available in more than 220 countries and territories, Discovery’s programming reaches 3 billion cumulative viewers, who together consume 54 billion hours of Discovery content each year. Discovery’s offering extends beyond traditional TV to all screens, including TV Everywhere products such as the GO portfolio and Discovery Kids Play; over-the-top streaming services such as Eurosport Player; digital-first and social video from Group Nine Media; and virtual reality storytelling through Discovery VR.