The company reported ad revenue growth of just 1% in the third quarter. Discovery said a distribution decline weighed down domestic advertising growth in the quarter.
Discovery also reduced its revenue guidance for the full year. The company now expects revenue in the range of $6.3 billion to $6.35 billion for the year, down from its previous estimate of a range of $6.45 billion and $6.53 billion, and below analysts' expectations of $6.41 billion.
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CBS reports third-quarter earnings after the market close Wednesday.
Separately, TheStreet Ratings team rates CBS CORP as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate CBS CORP (CBS) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its notable return on equity, reasonable valuation levels, growth in earnings per share, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."