Discovery in Talks to Combine With Scripps Networks

20 July, 2017, 00:33 | Author: Darnell Patrick
  • The Discovery Communications logo is seen at their office in Manhattan New York U.S

Shares in Discovery Communications and Scripps Networks Interactive have spiked on a report claiming they are once again exploring a merger.

"There's more pressure on cable players around the world, satellite and mobile players, to merge or figure out how to offer all those together", Discovery Chief Executive Officer David Zaslav told reporters last week at Sun Valley, Idaho, conference hosted by Allen & Co.

Scripps, which owns HGTV, Food Network and Travel Channel, climbed $9.87, or 14.7 percent, to $76.89. (DISCA) is in talks to combine with Scripps Networks Interactive Inc.

Capital City Trust Company decreased its stake in Scripps Networks Interact In (SNI) by 19.31% based on its latest 2016Q4 regulatory filing with the SEC.


A report that two major media companies are discussing a merger sparked an upturn in both companies' stock prices.

Shares of Viacom were last seen up over 2% at $40.85, with a consensus analyst price target of $45.00 and a 52-week range of $36.25 to $50.40.

Silver Spring-based Discovery is worth approximately US$15 billion, according to S&P Global Market Intelligence, while Knoxville-based Scripps Networks Interactive has a market value of approximately $8.7 billion. By watching how many shares are trading hands and looking for any changes in that activity, trading opportunities can be spotted along with a deeper understanding of the reliability of other indicators on the stock.

Variety reported in December 2013 that Discovery was considering making a bid for Scripps. Viacom adds a twist to those considerations, raising the possibility of a bidding war. Share performance for the month is now at 8.08%. Another trade for 54,728 shares valued at $4.36M was sold by Collins James C. Jr. SNI is already driving a 1.81% rally over the course of the past year and is now down -6.1% since this point in 2017. HGTV is the fourth-most watched US network in prime time this year, with an average of 1.51 million viewers a night through July 16, according to Nielsen data.

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