Discovery Communications agrees to buy Scripps for $14.6 billion

Discovery Communications has struck a $14.6 billion deal to buy Scripps Networks, in the latest sign of consolidation in the cable TV industry. The combined group will have a wide-ranging roster of US cable channels, including Animal Planet, TLC and the Discovery Channel, owned by Discovery, and the Food Network and HGTV, owned by Scripps. Together they will have nearly 20 per cent of ad-supported pay-TV viewership in the US. The offer of $90 per share represents a 34 percent premium to Scripps’ unaffected share price as of July 18, and the companies said in a statement that they expect the deal to close by early 2018.