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#1
12-05-2008, 06:03 PM
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Discovery IPO delayed
Discovery IPO delayed Chris Forrester,
Discovery Holding Co has delayed its IPO plans, originally set for Q2 this year. John Malone’s Discovery’s “Holding Co” was formed this time last year as a restructuring of Discovery Communications Inc (DCI). Because of various equity swaps DHC ended up owning a 66.2/3% interest in Discovery and Advance/Newhouse holding the balance. In December 2007, DHC announced that it had signed a non-binding letter of intent with Advance/Newhouse to combine their respective stakes in Discovery. The plan is that DHC will spin-off to DHC shareholders a wholly-owned subsidiary holding substantially all of DHC's cash, plus the Accent Health and Ascent Media assets ("the Ascent Spin Off"), except for those businesses of Ascent Media that provide sound, music, mixing, sound effects and other related services. Immediately following the spin-off, DHC will combine with a new holding company ("New DHC"), and existing DHC stockholders will receive shares of common stock of New DHC. As part of this transaction, Advance/Newhouse will contribute its interests in Discovery and Animal Planet to New DHC. According to the company, this plan - originally set to close about now - is now expected to be completed during the third quarter of 2008. Discovery’s Q1 numbers showed a 12% rise in revenues to $795m
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