Discovery emerges as sole bidder for Scripps
Discovery is closing in on a $12bn deal for Scripps after fighting off a rival bid from Viacon, according to reports.
It was understood on Wednesday that Viacom were lining up an all-cash offer for its rival network but Discovery is now ahead with its $90 per share on the table.
Scripps, which operates channels such as HGTV, Food Network and Travel Channel, is valued at just over $10bn and engages with more than 190 million consumers every month.
- Stateside success behind positive Q2 results for McDonald’s
- Michael Kors to acquire Jimmy Choo in $1.35bn deal
- Business Review USA magazine - July issue
It had already entered discussions with Discovery, owner of the Discovery Channel, TLC and Animal Planet, about a deal that was previously on the table in 2014 - but that fell through.
Talks are still ongoing about smaller details but the deal - understood to be 70% cash and 30% stocks - is edging closer, though an announcement isn't expected until next week.