Discovery Considers Making a Bid for Scripps

by Christopher Freeburn | December 11, 2013 9:12 am

Discovery Considers Making a Bid for Scripps

retro tv 630x418 300x199 Discovery Considers Making a Bid for Scripps[1]Shares of Scripps Networks Interactive (SNI[2]) surged more than 7% in Wednesday pre-market trading after a report indicated that the company could be the target of a takeover bid from a rival cable channel operator[3].

A source tells Variety that the prospect of a potential bid for Scripps was raised during a meeting of Discovery Communications’ (DISCA[4]) board earlier this week. Scripps has been the subject of acquisition talk in the past. Several years ago, Scripps held merger talks with Disney (DIS[5]). The company has also been considered by Fox (FOXA[6]) and Comcast’s (CMCSA[7]) NBCUniversal, but no deal ever materialized.

With a portfolio of popular cable channels, including the Food Network, the Travel Channel and HGTV, Scripps could expand Discovery’s existing range of lifestyle-oriented channels. Scripps, which is controlled by the heirs of E.W. Scripps, has a market capitalization of about $11 billion.

Neither company would provide Variety with a comment on the report.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/06/retro-tv_630x418.jpg
  2. SNI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SNI
  3. takeover bid from a rival cable channel operator: http://variety.com/2013/tv/news/discovery-mulling-bid-for-owner-of-food-network-hgtv-exclusive-1200941522/
  4. DISCA: http://studio-5.financialcontent.com/investplace/quote?Symbol=DSCA
  5. DIS: http://studio-5.financialcontent.com/investplace/quote?Symbol=DIS
  6. FOXA: http://studio-5.financialcontent.com/investplace/quote?Symbol=FOXA
  7. CMCSA: http://studio-5.financialcontent.com/investplace/quote?Symbol=CMCSA

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