Discovery Buys Scripps

On July 31st 2017 Discovery Communications announced that it is buying Scripps Networks Interactive for $11.9 billion dollars. Discovery has agreed to purchase Scripps for $90 a share and assume its debt of $2.7 billion for a total of $14.6 billon at closing. Discovery not only owns the Discovery Channel, but also TLC and Animal Planet, while Scripps owns Food Network and HGTV. The two companies will come together to produce a combined cable TV viewership of 20%.