Discovery Communications raised its profit forecasts for both 2016 and for the next three-year period.

On its call with analysts to discuss second-quarter earnings on Tuesday (Aug. 2), the company said that recent renewals with distributors locked in solid revenue growth, particularly in Europe where Discovery will have rights to Olympic coverage. Discovery announced a renewal of its distribution deal with Liberty Global covering 12 European markets Tuesday.

Discovery CFO Andrew Warren told analysts that the company was packing ahead of its profit expectations and was raising its guidance for 2016 earnings per share growth from high teens to at least 20%.

Warren also said that over the next three years, in constant currency, the company expected to generate earnings per share growth in the low teens or better, compared with earlier guidance of low double digits.

The increases come despite what will be a difficult third quarter in terms of ad revenue. Because of the Olympics and the decision to air Discovery Channel's popular Shark Week earlier in the summer, ad revenue is likely to be down in the low single-digit range from last year but should rebound to positive in the fourth quarter, Warren said.

Discovery CEO David Zaslav called the move of Shark Week a mistake.

Read more at broadcastingcable.com.

Discovery Communications said its chief financial officer Andrew Warren has decided to leave the company, but will remain in his current positon through the end of the year to ensure a seamless transition.

Warren joined Discovery in 2012 after stints at Liz Claiborne and General Electric. Discovery said an internal and external search for his replacement will begin immediately and the company will engage executive search firm Howard Fischer & Associates.

“Discovery is a better company because of Andy Warren and I cannot say enough about his commitment and collaboration over the past many years,” Discovery CEO David Zaslav said in a statement. “Andy has brought a focus on capital allocation and our balance sheet that has helped drive strong organic and free cash flow growth. Under his guidance we have invested in more original content and sports IP, diversified our global businesses and platforms and developed innovative currency and tax management strategies. He has been a valued partner to me and a dedicated leader for our company. On behalf of the entire management team and our Board of Directors, I thank him for his numerous contributions to Discovery’s success and I am pleased he will remain with the company through the end of 2016, ensuring a smooth transition.”

Warren led the financing and the financial integration for the $1.7 billion acquisition of SBS Nordic and the acquisition of Eurosport, and led over $3 billion of USD and Euro debt issuances as well as the company’s successful tax and capital allocation strategy. He also built Discovery’s global finance team; led the upgrade of the company’s technology infrastructure; and oversaw financing for several global agreements focused on IP and content investment, most recently Discovery and Liberty Global’s joint-venture acquisition of All3Media, and Discovery’s deal to acquire the multiplatform rights to the Olympic Games in Europe beginning in 2018.

“I am enormously grateful to David and the company for the opportunities I have had since joining in 2012 and am proud of what we accomplished,” Warren said in a statement. “Discovery has a remarkable management team, unparalleled assets and the unquestionable ability to win through its unique global content position and strategy. I plan to remain a long-term shareholder.  My decision to leave at the end of 2016 was a difficult and personal one, yet I look forward to my next career opportunity.”

Discovery Communications chief financial officer Andrew Warren has signed a four-year employment deal with the programmer that will give him an annual salary of $1.175 million, according to documents filed with the Securities and Exchange Commission.

According to the documents, the agreement was effective on Sept. 1 and expires on Sept. 1, 2018.

Warren signed on as Discovery CFO in March,  after then-CFO Brad Singer announced his intention to step down.

Prior to joining Discovery, the home of such iconic programming as Shark Week, Deadliest Catch and Naked And Afraid -- Warren had been CFO at apparel company Liz Claiborne since 2007. Prior to Liz Claiborne Warren spent 18 years at General Electric and had been EVP and CFO at NBC Universal Television Group, responsible for all finance activities of NBC Network, Studios, CNBNC, MSNBC, USA, SciFi and Bravo.

According to the SEC documents, Warren will receive an annual base salary of $1.175 million and is eligible for an annual incentive of up to 120% of his base salary, with his target for fiscal 2014 being blended based on eight months at his previous bonus target of 100% and four months at the new target of 120%. Warren also will receive performance-based restricted stock units valued at $2 million within 60 days of the execution of the employment agreement. The PSUs will vest 50% on Sept.1, 2017 and 50% on Sept. 1, 2018.