Dis­cov­ery and Scripps seek to tie up in $12B TV deal

The Guardian (Charlottetown) - - ENTERTAINMENT -

SIL­VER SPRING, Md. — Dis­cov­ery Com­mu­ni­ca­tions will buy Scripps Net­works for close to $12 bil­lion, ty­ing to­gether two pow­er­ful sta­bles of TV shows rang­ing from An­i­mal Planet to the Food Network.

The deal, an­nounced Mon­day, puts the com­bined com­pany in a strong po­si­tion to draw more women view­ers.

Other chan­nels in­clude Dis­cov­ery’s TLC and the Dis­cov­ery Chan­nel. Scripps owns HGTV and the Travel Chan­nel, among oth­ers. The com­bined com­pany will house five of the top pay TV net­works for women and ac­count for more than 20 per cent share of women watch­ing prime-time pay TV in the U.S.

The trans­ac­tion is val­ued at $90 per share, about a 4 per cent pre­mium to Scripps’ Fri­day clos­ing price of $86.91. The per-share price in­cludes $63 per share in cash and $27 per share in Dis­cov­ery’s Class C shares. The trans­ac­tion also in­cludes ap­prox­i­mately $2.7 bil­lion in Scripps’ debt.

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