Vote Clears Way for Discovery Communications to Go Public

Authored by Mark Hefflinger on September 17, 2008 - 7:59am.

Silver Spring, Md. - Shareholders of Discovery Holding Company (DHC) (NASD: DISCA) have cleared the way for Discovery Communications to go public, approving a measure to combine their stake in the cable broadcaster with those owned by Advance/Newhouse.

Upon completion of the deal late Wednesday, a new company known as Discovery Communications Inc. (DCI) will own 100% of Discovery and Animal Planet.

DHC currently owns a two-thirds stake in Discovery, with Advance/Newhouse owning the other third.

DCI's stock is expected to begin trading on the Nasdaq Global Select Market -- under the symbols "DISAD," "DISBD" and "DISCK" -- on Thursday.

http://www.discovery.com