Discovery, Scripps Networks discuss merger

Discovery Communications  Scripps Networks Interactive

Discovery owns the Discovery Channel, TLC and Animal Planet among others, while Scripps owns HGTV, Food Network, Cooking Channel and Travel Channel. Discovery is well known for its factual content, while Scripps Networks Interactive is a spin-off from the giant EW Scripps media conglomerate that owns newspapers, broadcast TV stations and radio networks and syndicates - amongst other assets - owns the copyrights to cartoon strips of Peanuts and Garfield which are distributed to newspapers around the world.

Either transaction would make sense, for one overriding reason: TV network owners that don't also own a broadcast station or sports need size to sustain their positions on pay-TV platforms. State Street Corp now owns 1,250,054 shares of the company's stock worth $24,162,000 after buying an additional 94,340 shares during the last quarter. Vertex's stock has more than doubled this year and it is trading at all-time highs. However, they had only been exploratory in nature and Discovery had not made a bid.

Reuters reported that this is at least the third time that Discovery has held talks to buy Scripps. Scripps has been considered a buyout target in the past by Viacom to add to its massive network.

New York-based Viacom, with sales of $12.9 billion, is the largest of the three, but is coping with recurring losses at its Paramount Pictures film studio, high debt and viewership declines at some of its youth-oriented channels, including MTV.

Homebuilders jumped after the Commerce Department said construction of new homes rose 8 percent in June, breaking a three-month losing streak.

Shares of Discovery Communications were recently trading up about 4% at $27.02. 587.86 million shares or 1.69% more from 578.10 million shares in 2016Q3 were reported.

Since the beginning of the calendar year, the stock is -6.10%.

In December, Scripps Chief Executive Officer Ken Lowe told Bloomberg that his company was better off being small and can thrive "as long as we are good storytellers".

Related:

Comments

Latest news

BHP iron ore output hits new record but copper production tanks
BidaskClub upgraded BHP Billiton Limited from a "hold" rating to a "buy" rating in a research report on Tuesday, July 11th. The stock of BHP Billiton Limited (ADR) (NYSE:BHP) earned "Buy" rating by Canaccord Genuity on Wednesday, July 22.

BBC top earners expected to show gender gap
Whilst I understand the need to be transparent with licence payers money, I don't think this is going to help the BBC . Lawyers have warned that the BBC could be open to discrimination lawsuits brought by its female employees.

Half Approve of Trump in Counties That Fueled His Win
Only 26 % said holding the meeting appropriate, while 63% said it was inappropriate, according to the new poll . However, almost half (48 percent) of all Republicans polled said the meeting was in fact appropriate.

The Pittsburgh Gambler? Steelers RB Le'Veon Bell Comfortable Betting On Himself
Instead Bell being nicknamed "The Juice", perhaps "The Gambler" is more fitting for Bell moving forward into his career. Bell's total of 61.39 Net Expected Points placed him second among all National Football League running backs in 2016.

Confirmed: Xiaomi Mi 5X & MIUI 9 Will Be Unveiled On July 26
The Mi Max 2 comes with Qualcomm QuickCharge 3.0 which means that it can easily buy you a couple of hours in just 15-20 minutes. In the camera department, the Mi Max 2 features a 12MP Sony IMX386 sensor on the rear with PDAF and a large 1.25μm pixel size.

U.S. calls for a 'much better deal' in NAFTA overhaul plan
It said the aim is to improve market access for United States manufacturing, agriculture and services in the three-nation deal. As it stands, there's nothing in the outline "where you could say, this is how we get rid of the trade deficit", Levy said.

Trump Administration: Iran Is Complying With Nuclear Deal
Trump intend to emphasize that Iran "remains one of the most unsafe threats" in the region, a senior official said. White House officials emphasized that the administration's stance toward the nuclear deal remains under review.

Australian Shot And Killed By Police In Minneapolis
The Star Tribune quoting sources said that two officers in one squad vehicle , responding to the 911 call, pulled into the alley. On July 8, a Minneapolis cop was recorded on a surveillance camera shooting two dogs while responding to a burglary call.

Highest voter turnout witnessed in 2017 presidential elections
Significantly, Legislators in UP, West Bengal and Bihar showed keen enthusiasm in choosing the next President. Madhya Pradesh BJP MLA Narottam Mishra was disqualified from voting in the Presidential poll .

North Korea sends 'slaves' to Russian Federation to make money for regime
President Donald Trump and said it is "strictly and earnestly" complying with United Nations sanctions. China defended Thursday its purchase of iron ore from North Korea following criticism by U.S.

Karnataka DIG who exposed VVIP treatment for Sasikala in Bengaluru prison, transferred
We are in awe of her outspokenness and need the likes of D Roopa to stand up the various Sasikalas of life on all levels of state. CM Siddaramaiah told reporters in Mysuru that he has ordered a probe into the charge of "destruction of evidence" made by Roopa.

Chelsea want Manchester City striker Sergio Aguero to replace Diego Costa
Were it to happen, Sergio Aguero to Chelsea would be one of the biggest transfers ever seen in English football. Aguero is on Chelsea's radar, with the Blues claimed to have strong interest in taking him to Stamford Bridge.

NASA release new Pluto flyby video from New Horizons mission
Pluto's haze layer shows its blue color in this picture taken by the Ralph instrument on the New Horizons spacecraft . The video ends in the far east of the encounter hemisphere, an area called Tartarus Dorsa .

Martin Landau, Oscar-winning actor, dies aged 89
It was, he reminded one journalist, the first time this "Jewish kid from Brooklyn" took a role that called for him to play Jewish. Of thousands of applicants, only he and Steve McQueen were accepted in that class at the prestigious Actors Studio in Manhattan.

Nats get Madson, Doolittle from A's for Treinen, prospects
The 30-year-old sports a career 3.09 ERA and was named an All-Star in 2014, finishing that year with a career-high 22 saves. From a depth perspective, Madson and Doolittle will bring manager Dusty Baker flexibility in the later innings.

Other news