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Acquisitions and Dispositions (Tables)
 9 Months Ended
Sep. 30, 2018
Business Combinations [Abstract]  
Schedule of Components of the Acquisition
The following table summarizes the components of the aggregate consideration paid for the acquisition of Scripps Networks (in millions of dollars and shares, except for per share amounts, share conversion ratio and stock option conversion ratio) as of March 6, 2018.
Scripps Networks equity
 
 
Scripps Networks shares outstanding
 
131

Cash consideration per Scripps Networks share
 
$
65.82

Cash portion of consideration
 
$
8,590

 
 
 
Scripps Networks shares outstanding
 
131

Share conversion ratio per Scripps Networks share
 
1.0584

Discovery Series C common stock
 
138

Discovery Series C common stock price per share
 
$
23.01

Equity portion of consideration
 
$
3,179

 
 
 
Shares awarded under Scripps Networks share-based compensation programs
 
3

Scripps Networks share-based compensation awards converting to cash
 
2

Average cash consideration per share awarded less applicable exercise price
 
$
46.90

Cash portion of consideration
 
$
88

 
 
 
Scripps Networks share-based compensation awards
 
1

Share-based compensation conversion ratio (based on intrinsic value per award)
 
3

Discovery Series C common stock issued (1) or share-based compensation converted (2)
 
3

Average equity value (intrinsic value of Discovery Series C common stock or options to be issued)
 
$
15.19

Share-based compensation equity value
 
$
51

Less: post-combination compensation expense
 
(12
)
Equity portion of consideration
 
39

 
 
 
Scripps Networks transaction costs paid by Discovery
 
117

 
 
 
Total consideration paid
 
$
12,013
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The preliminary fair value of assets acquired and liabilities assumed, as well as a reconciliation to cash consideration transferred is presented in the table below (in millions).
 
 
Preliminary
November 30, 2017
Intangible assets
 
$
295

Content rights
 
176

Accounts receivable
 
84

Other assets
 
26

Other liabilities
 
(230
)
Net assets acquired
 
$
351

Goodwill
 
136

Remeasurement gain on previously held equity interest
 
(33
)
Carrying value of previously held equity interest
 
(329
)
Redeemable noncontrolling interest
 
(55
)
Cash consideration transferred
 
$
70

The fair value of the assets acquired and liabilities assumed is presented in the table below (in millions).
 
 
Preliminary
September 25, 2017
 
Measurement Period Adjustments
 
Final
September 25, 2017
Goodwill
 
$
59

 
$
16

 
$
75

Intangible assets
 
71

 
(18
)
 
53

Property plant and equipment, net
 
16

 
1

 
17

Other assets acquired
 
6

 
—

 
6

Liabilities assumed
 
(8
)
 
1

 
(7
)
Net assets acquired
 
$
144

 
$
—

 
$
144

The preliminary fair value of assets acquired and liabilities assumed, measurement period adjustments, as well as a reconciliation to consideration paid is presented in the table below (in millions).
 
 
Preliminary
March 6, 2018
 
Measurement Period Adjustments
 
Updated Preliminary
March 6, 2018
Accounts receivable
 
$
783

 
$
—

 
$
783

Other current assets
 
421

 
(24
)
 
397

Content rights
 
1,088

 
—

 
1,088

Property and equipment
 
315

 
—

 
315

Goodwill
 
6,003

 
213

 
6,216

Intangible assets
 
9,175

 
—

 
9,175

Equity method investments, including note receivable
 
870

 
(132
)
 
738

Other noncurrent assets
 
111

 
3

 
114

Current liabilities assumed
 
(494
)
 
(133
)
 
(627
)
Debt assumed
 
(2,481
)
 
—

 
(2,481
)
Deferred income taxes
 
(1,695
)
 
8

 
(1,687
)
Other noncurrent liabilities
 
(383
)
 
65

 
(318
)
Noncontrolling interests
 
(1,700
)
 
—

 
(1,700
)
Total consideration paid
 
$
12,013

 
$
—

 
$
12,013
Schedule of Acquired Finite-Lived Intangible Assets by Major Class
The table below presents a summary of intangible assets acquired and weighted average estimated useful life of these assets.
 
 
Fair Value
 
Weighted Average Useful Life in Years
Trademarks and trade names
 
$
1,225

 
10
Advertiser relationships
 
4,995

 
10
Advertising backlog
 
280

 
1
Affiliate relationships
 
2,455

 
12
Broadcast licenses
 
220

 
6
Total intangible assets acquired
 
$
9,175

 
 
Schedule of Business Acquisition, Pro Forma Information
The following table presents their revenue and earnings as reported within the consolidated financial statements (in millions).
 
 
Three Months Ended September 30, 2018
 
Nine Months Ended September 30, 2018
Revenues:
 
 
 
 
    Distribution
 
$
279

 
$
673

      Advertising
 
645

 
1,631

      Other
 
43

 
109

Total revenues
 
$
967

 
$
2,413

Net (loss) income available to Discovery, Inc.
 
$
(16
)
 
$
12

The pro forma adjustments were based on available information and upon assumptions that the Company believes are reasonable to reflect the impact of these acquisitions on the Company's historical financial information on a supplemental pro forma basis (in millions). The following table presents the Company's pro forma combined revenues and net income (in millions, except per share value).
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Revenues
 
$
2,593

 
$
2,582

 
$
8,367

 
$
7,920

Net income available to Discovery, Inc.
 
162

 
232

 
510

 
815

Net income per share - basic
 
0.23

 
0.33

 
0.71

 
1.14

Net income per share - diluted
 
0.23

 
0.33

 
0.71

 
1.13