Discovery Communications signed a deal to acquire Scripps Networks Interactive for $14.6 billion. “Scripps is one of the best run media companies in the world with terrific assets, strong brands and popular talent and formats,” said David Zaslav, president and CEO, Discovery. “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 optimized and monetized across our combined networks, products and services in every country around the world.”
Kenneth Lowe, chairman, president & CEO of Scripps, who is expected to join Discovery’s board of directors at the close of the transaction, noted the benefits of Discovery’s global distribution infrastructure: “This agreement with Discovery presents an unmatched opportunity for Scripps to grow its leading lifestyle brands across the world and on new and emerging channels.” Combined, the company will have nearly 20% share of ad-supported pay-TV audiences in the U.S., and account for over 20% of women watching primetime pay-TV. Cost synergies of the acquisition are estimated to hit $350 million.
