Scripps Networks split away from E. W. Scripps in 2008
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Discovery Communications is buying Knoxville-based Scripps Networks Interactive Inc. in a $14.6 billion deal.
Scripps Networks Interactive owns HGTV, the Food Network, the Cooking Channel the Travel Network, the DIY Network and Great American Country.
In 2008, it split away from Cincinnati-based E. W. Scripps Co., which owns WCPO.
The deal will join Scripps Networks’ channels with Discovery’s Discovery Channel, TLC, Investigation Discovery, Animal Planet, Science and Turbo/Velocity, as well as OWN in the United States and others. Discovery is based in Silver Spring, Maryland.
Combined, Discovery and Scripps will have nearly 20 percent share of ad-supported pay-TV audiences in the United States, Discovery said in the release. Additionally, the combined company will be home to five of the top pay-TV networks for women and will account for over 20% share of women watching primetime pay-TV in the U. S.
The transaction is valued at $90 per share, about a 4 percent premium to Scripps’ Friday closing price of $86.91.
“Scripps is one of the best run media companies in the world with terrific assets, strong brands and popular talent and formats, ” said Discovery CEO David Zaslav.
The deal is expected close by early next year.
