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Analyst notes Discovery Communications progress

By Associated Press
June 12, 2008 | Comments (0)

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An analyst expressed confidence on Thursday that Discovery Communications' transition to becoming an independent publicly traded company is progressing, after the company named a new chief financial officer.

Earlier this month, Discovery Holding Co. said it agreed with Advance/Newhouse Programming Partnership to combine their stakes in Discovery Communications to form a new publicly traded company. The new company will own all of Discovery and Animal Planet.

On Wednesday, Discovery Communications said that Brad Singer, an American Tower Corp. executive, will succeed Roger Millay as chief financial officer.

"With a new CFO announced in addition to the preliminary proxy statement having been filed, we believe Discovery's transition to become an independent, publicly traded company remains on track," said Lehman Brothers analyst Anthony DiClemente.

The deal is expected to close in the third quarter.

Discovery Holding shares gained 37 cents to $25 in afternoon trading.

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