Discovery to acquire Scripps for $11.9bn

Following a failed bid by Viacom, Discovery Communications has today announced a deal to buy Scripps Networks Interactive in a cash-and-stock transaction valued at $14.6 billion.

Combined, Discovery and Scripps will have nearly 20% share of ad-supported pay-TV audiences in the US. Additionally, the combined company will be home to five of the top pay-TV networks for women and will account for over 20% share of women watching primetime pay-TV in the US.

“This is an exciting new chapter for Discovery,” said David Zaslav, president and CEO, Discovery Communications. “Scripps is one of the best run media companies in the world with terrific assets, strong brands and popular talent and formats.

“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 optimised and monetised across our combined networks, products and services in every country around the world.”

Discovery is best known for TV channels including Animal Planet, Discovery Channel and Eurosport. Scripps, which says it aims itself at a largely female audience and specialises in short-form content, runs the Food Network, DIY Network and the Travel Channel among others.

The transaction is expected to close by early 2018.