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"It's better to take preventative measures than to wait for disaster to unfold," Williams told the annual meeting of the Central Bank Research Association.The Fedread more
"We think we could be the winners with a lot of the great content that we have," Zaslav said.
As media company Time Warner considers a merger with telecommunications giant AT&T, Zaslav said a world where two or three media conglomerates run the show may not be far from reach.
"I think when there's a lot of consolidation when there's not a lot of competition, it creates issues for content players," Zaslav said.
But on the other hand, he said Discovery's "really compelling content," which includes the Discovery Channel, the Oprah Winfrey Network and TLC, could make it an asset to any giants that emerge.
The nonfiction media conglomerate is expected to report its fourth-quarter earnings on Feb. 14 before the market opens. Analysts expect average earnings per share of 47 cents, on revenue of $1.69 billion.
Deutsche Bank on Friday initiated coverage of Discovery with a hold rating, citing disadvantages in ad-supported cable and international pressures as potential obstacles for the stock.
Discovery shares were up 1.9 percent to $28.50 in midmorning trading Friday.