CNBC Excerpts: David Zaslav, CEO of Discovery Communications, on CNBC’s “Closing Bell” Today

WHEN: TODAY, WEDNESDAY, OCTOBER 19

WHERE: CNBC'S "CLOSING BELL"

Following are excerpts from the unofficial transcript of a CNBC interview with David Zaslav, CEO of Discovery Communications, today on CNBC's "Closing Bell." Video of the interview will be available on CNBC.com.

All references must be sourced to CNBC.

Zaslav on Group Nine Media:

We took some of our digital assets, we had some digital technology and platforms here in Silicon Valley. We were reaching about half a billion streams a month. We put it together with three different businesses. Thrillist, the Dodo, and Now This. And together we have close to 4 billion streams. We got a great data infrastructure as well as a very large ad sales infrastructure. So we own 30 percent of it so it's off balance sheet for us. And we're now the number 3 or 4 player in short form social media.

Zaslav on the social media business:

Traditionally we've been dual revenue stream cable. We have 14 channels here in the US. And we have on average 10 channels in 220 countries around the world. We're the leader in paid tv. We're the leading international media company in dual revenue stream and free to air. So this gives us a big piece of the social media short form media business.

Zaslav on Facebook:

We look at Facebook as being a fantastic platform and this just gets us more aligned with Facebook and being one of the leaders on Facebook with short form content is helpful to us as we go on our other journey of building our IP in long form.

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