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Discovery Communications Management Discusses Q2 2012 Results - Earnings Call Transcript

On today's call, we will begin with some opening comments from David and Andy, after which, we will open the call up to your questions. We urge you to please keep to 1 or 2 questions, so we can accommodate as many folks as possible.

Before we start, I would like to remind you that comments today regarding the company's future business plans, prospects and financial performance are forward-looking statements that we make pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are made based on management's current knowledge and assumptions about future events, and they involve risks and uncertainties that could cause actual results to differ materially from our expectations.

In providing projections and other forward-looking statements, the company disclaims any intent or obligation to update them. For additional information on important factors that could affect these expectations, please see our Form 10-K for the year ended December 31, 2011, and our subsequent filings made with the U.S. Securities and Exchange Commission.

And with that, I'll turn the call over to David.

David M. Zaslav

Thanks, Craig. Good morning, everyone, and thank you for joining us. Discovery delivered another strong quarter during Q2 as the strategic initiatives we have been driving across the company, over the last several years, are generating significant financial growth. At the same time, we are continuing to capitalize on the growth of Pay TV globally and a macro ad environment that remains healthy throughout the vast majority of the 200-plus countries we operate in.

Discovery's consistent focus on investing in our global platform, building new brands and leveraging additional growth opportunities resulted in another quarter of double-digit OIBDA growth, excluding the impact of foreign currency. The steps we have taken to broaden our global content offerings are helping to drive international expansion, while domestically, we are generating significant returns from sustained programming initiatives and audience growth, especially across our developing networks.

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