Fitch Ratings on Tuesday cited Discovery, which is led by CEO David Zaslav, as a market leader positioned well to take advantage of increased U.S.
TV viewing by stay-at-home Americans during the COVID-19 crisis. The ratings agency also cited the media giant's "strong liquidity" for Discovery to withstand a coming advertising recession as brands cut their spending during the coronavirus outbreak. "Despite the significant uncertainty surrounding the advertising market's performance in light of the coronavirus pandemic, Discovery's rating and stable outlook are supported by the company's leading market position driven by strong niche brands and programming, which was bolstered by the 2018 acquisition of Scripps Network Interactive," Fitch said.
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