Discovery Communications Inc is seeking a controlling interest in The Hub, reducing partner and toymaker Hasbro Inc's share of the children's cable TV network, the Wall Street Journal reported on Wednesday, citing sources familiar with the matter. Hasbro will retain a large stake in the Hub Television Networks Llc, which Discovery will rebrand as a family network, the newspaper said.Since its launch nearly four years ago, the joint venture has struggled to compete against two more established children's networks: Viacom Inc's Nickelodeon and Walt Disney Co's Disney Channel.In June, Hub President and Chief Executive Margaret Loesch said she would leave the channel at the end of the year.The Hub will be renamed Discovery Family, with the rebranding and launch possibly taking place as early as the fourth quarter, WSJ said.
Discovery Communications, Inc. (Discovery) is a global nonfiction media and entertainment company that provide programming across multiple distribution platforms worldwide. Shares of DISCA traded higher by 1.25% or $0.495/share to $39.95. In the past year, the shares have traded as low as $36.57 and as high as $46.38. On average, 3196050 shares of DISCA exchange hands on a given day and today's volume is recorded at 3821532.
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