Silver Spring-Based Discovery Buys Scripps Networks

SILVER SPRING, MD — The Silver Spring-based Discovery Communications is acquiring Scripps Networks Interactive in a cash-and-stock deal valued at $11.9 billion, according to reports.

The purchase will merge two big cable networks known for their lifestyle content directed at mainly a women audience. Discovery Communications, owner of Animal Planet and maker of Man Vs Wild and Naked and Afraid, will join forces with Scripps Networks, which operates HGTV, Travel Channel and Food Network.

"Our business is about great storytelling, authentic characters and passionate super fans," Discovery president and CEO David Zaslav said in a statement. "We believe that by coming together with Scripps, we will create a stronger, more flexible, and more dynamic media company with a global content engine that can be fully optimized and monetized across our combined networks, products, and services in every country around the world.”

According to Bloomberg, this partnership ranks as the fifth-largest U.S. acquisition of 2017. Discovery acquired Scripps for $90 a share in cash and stock, meaning Scripps shareholders will receive 70 percent of the purchase price in cash in advance, and the rest in Discovery class C common stock.

It's uncertain what this move will mean for Discovery's headquarters in Silver Spring or Scripps' headquarters in Nashville.

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