The company has already taken steps to shield its downside in the U. and Europe with financial instruments that hedge its exposure to big swings for the pound and euro by as much as 80% of its business activity in those currencies through the end of 2017. Media stocks were taken down by the market’s undertow. S.-based media companies that is banking heavily on international growth, closed down 7.2% to $24.46 while 21st Century Fox was down more than 7.6% to $26.78. The media biz like most business interests in the U. Discovery acknowledged as much in a statement issued Friday morning. Disney (down 3.3% to $95.77), Time Warner (down 3.2% to $70.69), Netflix (down 3.5% to $88.47) and CBS Corp. AMC Networks, with the smallest international footprint of the largest media congloms, saw a 3% decline to $57.43. Executives are likely to be in a scramble to figure out how the disengagement with the EU will affect their U. The promise of more volatility to come in currency rates is unwelcome news for Hollywood’s majors.
The Dow Jones average was down more than 500 points at the a.m. “As a global company with a significant presence in 220 markets, we are accustomed to operating in an industry and a world where change is constant.
ET start of trading on Friday and closed with a 611-point drop, or a loss of 3.4% — its eighth-largest drop ever and worst since August 2015. We will work closely with UK and EU leaders to successfully navigate this change and find new opportunities to shape our future.
Discovery Channel launched in the UK in 1989 and since then it has become one of our biggest markets and a critical creative and business hub,” the company said.
and European markets overnight as the reality of the U. “Discovery Communications respects the decision of the UK people in this historic vote to leave the European Union.
K.-EU divorce is the impact on currency fluctuation rates.
In the short-term and medium-term, our currency hedging program will significantly minimize the impact of the Brexit vote on our financial performance.In a research note Friday, RBC Capital Markets suggested Discovery had the greatest direct exposure to international markets, followed by 21st Century Fox and Time Warner. and Scripps Networks Interactive had the smallest direct connections to the European markets through their holdings.Are you feeling anxious about your upcoming wedding? This is your subconscious telling you that something is not right and you need to listen to it. If you answered yes, you are experiencing pre-wedding jitters. Feeling like you may have made a mistake saying “yes” or proposing?It may be that you are nervous about your own ability to be a husband or wife, anxious that your fiancé can’t be the spouse you need or both.