2Q rev at Discovery Comm’s US nets increased 9% to $498mln, powered by a 17% jump in distribution rev. Ad rev grew a paltry 1%. The company attributed the distribution expansion to an 11% bump in subs, achieved primarily at nets carried on digital tiers due to the expiration of free viewing periods. Net distribution rev at its Intl Nets climbed 21% due to increases in paying sub units in Europe, Latin America and Asia, combined with contractual rate increases in certain markets. — In comparing the positive ’06 first half results of Discovery to those of Viacom, Pali Capital posits that Viacom’s content will prove more valuable in the digital world, "given the advertising must-buy nature of MTV/Nick/Comedy Central’s demographic focus." Pali reiterated its "buy" rating on Viacom and $51 price target. — Charter announced Fri an issuance of up to $875mln of debt securities in private offerings by its subsidiaries CCH I and CCH II. CCH II is offering to issue up to $200mln of new 10.25% Senior Notes due ’13, and CCH I is offering to issue up to $675 million of 11% Senior Secured Notes due ’15 in exchange for other notes held by Charter Holdings. In addition, CCH II and Charter subsidiary CCHC filed at the SEC a convertible exchange offer for up to $450mln of its $862.5mln principal amount outstanding 5.875% Convertible Senior Notes due ’09. The MSO said the offer aims to improve financial flexibility by extending debt maturities and reducing overall indebtedness.

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Advertisers in the Water at ‘Shark Week’

Discovery’s “Shark Week” announced its advertising partners supporting this year’s week-long event slate. The programmer teamed up with four new companies including

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