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.

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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.