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Discovery buys Scripps for $11.9 bn

Discovery will acquire Scripps for about $90 a share

Gerry Smith & Jessica Brice | Bloomberg 

Discovery Communications agreed to buy Scripps Networks Interactive for $11.9 billion in a bet that uniting the ownership of cable channels like Animal Planet and HGTV will help the company adapt to the changing television landscape. Discovery, one of billionaire John Malone’s key holdings, will acquire Scripps for about $90 a share and assume long-term debt of $2.7 billion, bringing the total price of the equity value plus liabilities to $14.6 billion, according to a statement on Monday. The price represents a 34 per cent premium over Scripps’ closing price of $67.02 on ...

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First Published: Tue, August 01 2017. 02:04 IST