Discovery Communications today announced its expected acquisition of Scripps Networks Interactive for a stock/cash package pegged at $14.6B.
The deal creates a combine that controls 20 percent of ad-supported pay TV viewership in the US and account for more than 20 percent share of women watching primetime pay TV.
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Discovery CEO David Zaslav, called Scripps “one of the best run media companies in the work with terrific assets, strong brands and popular talent and formats.”
Scripps is home to Food Network, HGTV, Travel Channel, Cooking Channel, DIY Network and Great American Country and TV ventures in Poland, UK and Asia.
Discovery's content is available in more than 200 countries and includes brands such as Discovery Channel, Animal Planet, TLC, Science, OWN and Eurosport.
Scripps CEO Kenneth Lowe will join the Discovery board. He views the takeover as an “unmatched opportunity” to grow Scripps’ lifestyle brands “across the world and on new and emerging channels including short-form, direct-to-consumer and streaming platforms.”
Scripps also had discussed a deal with Viacom.
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