Discovery Communications (DISCK, Financial) (-10%, -0.82%; -5%, -0.33%), the media company, was the only notable detractor, despite strong results across the company’s legacy television and streaming portfolio. The stock trades at under 7x forward FCF that we expect to be demonstrated after the Warner Brothers merger closes next year. In our view, that is far too cheap for a growing global #3 OTT streaming player with renowned assets like HBO and CNN. Our value has grown well since we began acquiring shares in Q3 of this year.
From Mason Hawkins (Trades, Portfolio)' Longleaf Partners Fund fourth-quarter 2021 commentary.
